Baku, Azerbaijan, Sept.13
By Leman Zeynalova – Trend:
Global supply in August reached a record 100 mb/d as higher output from OPEC offset seasonal declines from non-OPEC, the International Energy Agency (IEA) said in its Oil Market Report.
“Nevertheless, non-OPEC supply was up 2.6 mb/d y-o-y, led by the US. Non-OPEC production will grow by 2 mb/d in 2018 and 1.8 mb/d in 2019,” said the report.
OPEC crude supply rose to a nine-month high of 32.63 mb/d in August, according to IEA estimates.
A rebound in Libya, near record Iraqi output and higher volumes from Nigeria and Saudi Arabia outweighed a substantial reduction in Iran and a further fall in Venezuela, said the report.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, 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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