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OPEC oil supply forecasts revised up

Oil&Gas Materials 7 March 2018 11:52 (UTC +04:00)

Baku, Azerbaijan, March 7

By Leman Zeynalova – Trend:

OPEC crude oil supply is expected to stand at 32.47 million barrels per day in 2018, according to March Short Term Energy Outlook (STEO) of the US Energy Information Administration (EIA).

The figure is expected to reach 32.73 million barrels per day in 2019.

This is while in its February STEO, EIA forecasted OPEC crude oil production at 32.43 million barrels per day in 2018 and 32.70 million barrels per day in 2019.

The quarterly forecasts for OPEC crude production in 2018 are as follows: 32.35 million barrels per day in Q1, 32.32 million barrels per day in Q2, 32.60 million barrels per day and 32.62 million barrels per day in Q3 and Q4, respectively.

For 2019, EIA expects OPEC countries to produce 32.50 million barrels per day in Q1, 32.62 million barrels per day in Q2, 32.89 million barrels per day and 32.92 million barrels per day in Q3 and Q4, respectively.

OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.

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Follow the author on Twitter: @Lyaman_Zeyn

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