Global oil prices rose in mid August amid news of declining US shale oil production, and rumors of an emergency OPEC meeting, The Wall Street Journal reported.
Prices for benchmark Brent crude rose nearly 4% on the ICE Futures Europe Index after the news was announced. OPEC is scheduled to have a meeting in December, but some media outlets have stated that the cartel is organizing an earlier meeting to try and find a solution to the oil glut.
Separately, the EIA announced that production in seven key shale oil plays in the US is declining, including a drop of 56,000 b/d in the Eagle Ford formation and 27,000 b/d in the Bakken.
All told, the EIA said it amounts to a total drop of around 75,000 b/d, after adjustments for other areas not in decline, stated Reuters.