OPEC decreases oil production by 0.21 mb/d
Baku, Azerbaijan, Jan. 18
By Umid Niayesh - Trend:
OPEC has decreased oil production by 210,000 barrels per day in December, month-to-month, said the OPEC report released on Jan. 18.
According to the report, OPEC members produced 32.182 million barrels per day (mb/d) in December, including some 693 thousand barrels per day (tb/d), produced by new member, Indonesia.
Saudi Arabia decreased output by 57 tb/d, while Nigeria, Iraq, Angola, Kuwait and Venezuela decreased by 77 tb/d, 31 tb/d, 17 tb/d, 22.5 tb/d and 20 tb/d.
Iran's oil production increased by 5 tb/d month-to-month to 2.882 mb/d in December.
Iran's major heavy oil also dropped by $7.19 to $31.73 in December month-to-month.
Demand for OPEC crude in 2015 is estimated at 29.9 mb/d, an increase of 0.2 mb/d over the 2014 level. In 2016, demand for OPEC crude is forecast at 31.6 mb/d, some 1.7 mb/d higher than the previous year.
The report says that global GDP growth for 2015 has been lowered to 3.0%, while the 2016 growth forecast remains at 3.4%. Oil demand in 2016 will increase by 1.26 mb/d, marginally higher than in the previous report, to average 94.17 mb/d.