Baku, Azerbaijan, Aug.3
By Aygun Badalova - Trend:
Saudi Arabia, which is the largest oil producer and exporter within OPEC, is expected to further boost its oil output.
According to the forecasts of the US JP Morgan bank, published in their monthly Oil Market report, Saudi Arabia’s oil production will amount to 10.6 million barrels per day in the third quarter of 2016 before falling again to 10.3 million barrels per day in the fourth quarter of the year.
For 2016 as a whole, analysts expect the Kingdom’s production to average 10.3 million barrels per day.
Next year oil production in Saudi Arabia is expected to be at the average 10.5 million barrels per day. On the quarterly basis, the Kingdom’s output will amount to 10.4, 10.10.5, 10.7 and 10.2 million barrels per day respectively.
According to OPEC’s latest report, Saudi Arabia produced 10.308 million barrels per day of oil in June compared to 10.242 million barrels per day in May.