Baku, Azerbaijan, Dec.13
By Leman Zeynalova – Trend:
In November, OPEC crude production decreased by 133,000 barrels per day to average 32.45 million barrels per day (mb/d), the cartel said in its December Oil Market Report, citing secondary sources.
Crude oil output increased mainly in Nigeria, while production mainly declined in Angola, Saudi Arabia, Venezuela and UAE, according to the report.
“Based on the current global oil supply/demand balance, OPEC crude in 2017 is estimated to stand at
32.8 mb/d, some 0.6 mb/d higher than the 2016 level. In 2018, OPEC crude is forecast at 33.2 mb/d, an increase of 0.3 mb/d over the 2017 level,” said the cartel.
Preliminary data indicates that global oil supply increased by 0.84 mb/d to average 97.44 mb/d in November 2017 compared with the previous month.
Preliminary November supply data shows an increase in non-OPEC supply (including OPEC NGLs) by 0.98 mb/d to average 64.90 mb/d. This was mainly driven by the US, Canada, Norway, UK and Brazil, according to OPEC report.
“The share of OPEC crude oil in total global production fell slightly by 0.4 percentage points to total 33.3 percent in November, compared with 33.7 percent in the previous month,” said the cartel.
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