After rising to levels near US$83, oil prices have had a marginal dip as markets start focusing on this week’s OPEC meet in Vienna to discuss its latest output, production quotas and output compliance issues. New York's main contract, light sweet crude for November, slipped 22 cents to US$82.4, while Brent North Sea crude for delivery in November fell to US$83.6 a barrel.
OPEC, producing about 40% of the world's oil, has had an official production level of 24.84 mln bpd since January 2009. However, failure on part of the members to adhere to quota restrictions has resulted in OPEC pumping 26.83 mln bpd in August, according to data from the International Energy Agency.
A day ago oil prices rose to near US$83 a barrel as investors anticipate action from the US Fed bank to bolster a weak economic recovery.