Crude prices retreat amid ample supplies from OPEC



Crude prices dropped Monday as the Organization of Petroleum Exporting Countries (OPEC) is likely not to cut the output at a meeting this month.

OPEC will hold its next production meeting in Vienna on Nov. 27. The organization pumps a third of the world's crude.

Ali al-Omair, Kuwait's oil minister, said in Abu Dhabi that he did not expect OPEC to make any production cut at the meeting.

Crude output from the OPEC grew by 53,000 barrels to 30.974 million barrels a day, market survey showed, reaching a 14-month high.

Reports said Libya will resume output at its biggest oil field while operations at some export terminals remain disrupted. The country holds the largest oil reserves in Africa.

On the supply side, non-OPEC countries continue to make significant output growth, according to the OPEC's annual World Oil Outlook released last week.

It is expected that demand for crude from the OPEC may fall to a 14-year low of 28.2 million barrels a day in 2017.

Light, sweet crude for December delivery moved down 1.25 dollars to settle at 77.4 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 1.05 dollars to close at 82.34 dollars a barrel.