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OPEC oil output expected to continue rising

Oil&Gas Materials 1 August 2016 14:52 (UTC +04:00)
Analysts of the US JP Morgan bank expect OPEC oil production to continue rising reaching 32.8 million barrels per day in 2016 and 33.1 million barrels per day in 2017.
OPEC oil output expected to continue rising

Baku, Azerbaijan, Aug.1

By Aygun Badalova - Trend:

Analysts of the US JP Morgan bank expect OPEC oil production to continue rising reaching 32.8 million barrels per day in 2016 and 33.1 million barrels per day in 2017.

OPEC supply is raised for 3Q’16 on the back of higher Saudi Arabian and Nigerian output estimates, analysts said in their monthly oil market report, obtained by Trend.

"Having tracked around 10.2-10.3 million barrels per day year to date, June output in Saudi Arabia was reported to be closer to 10.5 million barrels per day and with peak summer demand in 3Q 2016, we lift output estimates," they said.

"The recovery in Nigerian volumes remains fraught with uncertainty, but we lift 3Q 2016 crude production estimates by +0.1 million barrels per day to 1.5 million barrels per day, still some way below the country’s potential output," according to the report.

The report said that the ongoing sabotage by militant groups is still expected to weigh on output.

According to the JP Morgan analysts’ forecasts, total OPEC production will amount to 33.2 million barrels per day in the third quarter of 2016 and 32.9 million barrels per day in the fourth quarter of the year.

In 2017, on the quarterly basis, OPEC’s oil production will stand at 33, 33.2, 33.4 and 32.9 million barrels per day respectively.

The total OPEC oil production in June increased by 264,100 barrels per day to average 32.858 million barrels per day, according to cartel’s latest Oil Market Report.

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