Baku, Azerbaijan, Dec.13
By Leman Zeynalova – Trend:
OPEC crude oil production is expected to average 32.5 million barrels per day in 2017, a 0.2 million barrels per day decrease from 2016 levels, said the December Short Term Energy Outlook (STEO) of the US Energy Information Administration (EIA).
EIA forecasts OPEC crude oil production will average 32.7 million barrels per day in 2018.
However, in the November STEO, EIA forecasted OPEC oil supply to average 32.50 million barrels per day in 2017 and 32.99 million barrels per day in 2018.
Despite the extension of the OPEC agreement, EIA forecasts higher output from non-OPEC countries to contribute to growth in total liquid fuels supply in 2018.
The non-OPEC outlook is 0.1 million barrels per day higher than EIA’s November STEO, averaging 60.3 million barrels per day in 2018, which would be 1.7 million barrels per day higher than 2017 levels.
“This growth, together with the forecast 0.2 million barrels per day growth in OPEC crude oil production and another 0.1 million barrels per day increase in OPEC non-crude liquids production, results in forecast total global liquids production growth of 2.1 million barrels per day in 2018.
EIA expects that crude oil price increases in late 2017 will contribute to US crude oil production growing to more than 10 million barrels per day by mid-2018.
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