Baku, Azerbaijan, Nov.13
By Leman Zeynalova - Trend:
Total OPEC-15 preliminary crude oil production averaged 32.90 million barrels per day (mb/d) in October, an increase of 127,000 b/d over the previous month, according to the Monthly Oil Market Report of the cartel.
The report shows that crude oil output increased mostly in the UAE, Saudi Arabia, Libya and Angola, while production declined in Iran, Venezuela, Kuwait and Nigeria.
OPEC NGLs and non-conventional liquids for 2018 were revised down by 0.02 mb/d and are expected to grow by 0.10 mb/d to average 6.34 mb/d.
“For 2019, they are likely to grow by 0.11 mb/d to average 6.45 mb/d, unchanged from last month’s assessment. Preliminary production data in September and October 2018 shows stagnant output at 6.42 mb/d, 0.08 mb/d higher than September 2017 and up by 0.20 mb/d compared with October 2017,” said the cartel.
The share of OPEC crude oil in total global production remained unchanged at 33 percent in October compared with the previous month, according to the report.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC 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.
Follow the author on Twitter:@Lyaman_Zeyn