Oil slides on word non-OPEC members aren't cutting production as much as promised

Crude oil prices are lower on Wednesday as traders price in a projected expansion in US crude stockpiles and following comments made by Qatar’s oil minister.

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:

Looking ahead, the Energy Information Administration’s report on oil inventories is expected on Thursday.

Visit Markets Insider for constantly updated market quotes for individual stocks, ETFs, indices, commodities and currencies traded around the world. Go Now!

NOW WATCH: ‘It’s a lie’: Jake Tapper calls out Trump during a fiery interview with Kellyanne Conway

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.