Oil slides on word non-OPEC members aren't cutting production as much as promised
US supplies probably rose by 3.5 million barrels last week, according to analysts surveyed by Bloomberg.
Meanwhile, Qatar's oil minister, Mohammed Saleh Al Sada, said that major non-OPEC producers, like Russia and Mexico, aren't cutting production as much as they had pledged. Speaking at the International Petroleum Week in London, he said some members were producing cuts that amounted to about 50% of what they promised.
WTI oil, the US benchmark, is down 1.40%, while Brent oil, the international benchmark, is down 1.55%. Major energy stocks are also down on Wednesday morning on the news:
- Schlumberger -1.08%
- Halliburton -0.85%
- ConocoPhilips 0.79%
- Occidental Petroleum -0.72%
- Exxon Mobil -0.51%
Looking ahead, the Energy Information Administration's report on oil inventories is expected on Thursday.
