Baku, Azerbaijan, May 2
By Leman Zeynalova – Trend:
Saudi Arabia is projected to produce 10.16 million barrels of oil per day in 2018 as compared to the expected 10.11 million barrels per day in 2017, according to the updated Regional Economic Outlook of the International Monetary Fund (IMF).
The volume of oil output in the country stood at 10.39 million barrels per day in 2016, said the report.
IMF expects Saudi Arabia’s oil export to drop from projected 7.01 million barrels per day in 2017 to 6.96 million barrels per day in 2018.
The country’s daily crude export in 2016 totaled 7.26 million barrels, according to the IMF estimates.
Earlier, the data of the Joint Organizations Data Initiative (JODI) showed that Saudi Arabia’s oil export in February 2017 decreased to the lowest level since May 2015.
The country’s crude export stood at 6.957 million barrels per day in February 2017 as compared to 7.713 million barrels per day in January, according to JODI data.
Saudi Arabia undertook the largest cut in oil output (486,000 barrels per day) among the participants of the OPEC deal signed last year in Vienna.
In December 2016, OPEC and non-OPEC producers reached their first deal since 2001 to curtail oil output jointly and ease a global glut after more than two years of low prices.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from Jan. 1, 2017 for six months, extendable for another six months.
OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1.
Follow the author on Twitter: @Lyaman_Zeyn