Forecast: OPEC crude oil supply to be 32.70 million b/d in 2017
Baku, Azerbaijan, Feb.8
By Leman Zeynalova – Trend:
Total OPEC supply is expected to increase by 0.2 million barrels per day (b/d) in 2017 and by 0.5 million b/d in 2018, the US Energy Information Administration (EIA) said in its February Short-Term Energy Outlook (STEO).
EIA estimates that the total OPEC crude oil supply will stand at 32.70 million b/d in 2017 and 33.20 million b/d in 2018.
The quarterly forecasts for OPEC crude oil supply for 2017 is as follows: 32.26 million b/d in 1Q 2017, 32.54 million b/d in 2Q 2017, 32.95 million b/d in 3Q 2017 and 33.03 million b/d in 4Q 2017.
EIA expects OPEC members to produce 33.02 million b/d of oil in 1Q 2018, 33.30 million b/d in 2Q 2018, 33.29 million b/d in 3Q 2018 and 33.19 million b/d in 4Q 2018.
Recent estimates of production from Libya, which is not subject to any production target under the OPEC production cut agreement, average almost 0.7 million b/d in January, the country’s highest production level since 2014, according to the report.
Saudi Arabia recently announced it is meeting its production target, and the country is estimated to have produced slightly less than 10.0 million b/d in January, said EIA.
Indonesia’s membership in OPEC was suspended as of the group’s November 30 meeting. In this STEO, Indonesia’s production volumes have been removed from OPEC total for both history and the forecast.
The official assessment will be published by OPEC on Feb.13, based on its assessment of production, plus a summary of the official government statements of their respective output levels.
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