Oil prices took another dive on Thursday, with the price of WTI falling more than 6% by late morning as OPEC’s production increased in September over August. Spot prices for WTI had fallen by 6.04% to $37.79 by 11:28 a.m. EDT, while Brent had dropped 5.22% to $40.09. The catalyst for this morning’s price drop is OPEC+’s September seaborne exports, which jumped to 22.84 million barrels per day from the 22.11 that the cartel exported by sea in August. For OPEC specifically, its exports rose from 17.53 million bpd in August to 18.2 million bpd in September. A Reuters survey shows that OPEC’s production for September was up 160,000 bpd from the previous month. OPEC is still in compliance. The culprits for this production increase is mostly Iran and Libya, both of whom are exempt from the production quotas. The market is interpreting this production increase as a viable […]