OPEC crude output down by 2.8% year-on-year

OPEC crude output down by 2.8% year-on-year

Baku, Azerbaijan, June 7

By Leman Zeynalova – Trend:

OPEC-14 crude oil production fell year-on-year by 926,000 barrels per day (b/d), or 2.8 per cent, while crude production in non-OPEC countries registered gains, OPEC said in its 53rd edition of the Annual Statistical Bulletin (ASB).

The cartel said that in 2017, world crude oil production declined by 701,000 b/d, or 0.9 percent, as compared to 2016, to reach 74.69 million barrels per barrel (mb/d), marking the first yearly decline since 2009.

“This is while world oil demand averaged 97.20 mb/d in 2017, up by 1.7 percent y-o-y, with the largest increases taking place in Asia and Pacific region (particularly China and India), Europe and North America. The 2017 oil demand in Africa and the Middle East grew by around 100,000 b/d, as compared to 2016, while oil demand declined in Latin America for the third year in a row,” said the report.

Total exports of crude oil from OPEC averaged 24.86 mb/d in 2017 declining by 406,000 b/d, or 1.6 percent, as compared to 2016, according to the data.

“As in previous years, the bulk of crude oil from OPEC countries was exported to the Asia and Pacific region, in the amount of 15.56 mb/d or 62.6 percent. Significant volumes of crude oil were also exported to Europe, which increased its imports from OPEC member countries from 4.40 mb/d in 2016 to 4.64 mb/d in 2017. North America imported 3.21 mb/d of crude oil from Member Countries, which was 82,000 b/d, or 2.5 per cent, less compared to 2016 volumes,” said the cartel.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.

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Follow the author on Twitter: @Lyaman_Zeyn

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