Baku, Azerbaijan, Jan. 11
By Elena Kosolapova – Trend:
Oil and other liquids supply will further rise in OPEC countries and reach 40.27 million barrels per day in 2017 and 40.94 million barrels per day in 2018, the US Energy Information Administration (EIA) said in its January 2017 Short-term Energy Outlook.
The forecast for 2017 was increased compared to December 2016 short-term energy outlook, when OPEC oil and other liquids supply was forecast at 40.22 million barrels per day. The EIA did not provide forecast for 2018 in its previous short-term energy outlooks.
Production of oil and other liquids in OPEC countries totaled 38.31 million barrels per day in 2015 and 39.6 million barrels per day in 2016, according to the EIA.
The biggest share of OPEC production falls on the Saudi Arabia – 10.42 million barrels of oil per day in 2016, according to the EIA. Iraq with 4.42 million barrels of oil per day in 2016 ranks second among the OPEC countries. Iran which produced 3.49 million barrels of oil per day in 2016 is the third largest oil producer in the OPEC.
OPEC has 13 members – Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE, Venezuela and Gabon.
Follow the author on Twitter: @E_Kosolapova