OPEC oil production to rise - EIA

Oil&Gas Materials 11 May 2016 16:10 (UTC +04:00)

Baku, Azerbaijan, May 11

By Aygun Badalova - Trend:

OPEC oil production will rise reaching 32.43 million barrels per day in 2016 and 33.09 million barrels per day in 2017, according to the forecasts published in the US Energy Information Administration's (EIA) Short-Term Energy Outlook.

In 2015, OPEC oil production amounted to 31.55 million barrels per day, according to the EIA's estimates.

The highest OPEC production is expected by the EIA in fourth quarter of 2017 - at 33.19 million barrels per day.

OPEC's total oil output was 32.25 million barrels a day in March 2016, which is by 15,000 barrels more than in February, according to OPEC's recent report. The official quota for the OPEC oil output is 30 million barrels per day.

The last meeting of oil producers in Doha ended without reaching any agreement. The talks on oil output freeze collapsed after Saudi Arabia surprised the group by reasserting a demand that Iran also agrees to cap its oil production. The next OPEC meeting will be held in June.