OPEC reduces oil output by 11,000 b/d

OPEC reduces oil output by 11,000 b/d

Baku, Azerbaijan, Dec.12

By Leman Zeynalova – Trend:

According to secondary sources, total OPEC-15 preliminary crude oil production averaged 32.97 million barrels per day (mb/d) in November, a decrease of 11,000 b/d over the previous month, the cartel said in its Monthly Oil Market Report (MOMR).

Crude oil output increased mostly in Saudi Arabia, UAE and Kuwait, while production declined in I.R. Iran, Venezuela, Nigeria and Iraq, according to the report.

OPEC said the share of its crude oil in total global production declined by 0.2 percent to 32.8 percent in November compared with the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC natural gas liquids (NGLs) and non-conventional oil, while estimates for OPEC crude production are based on secondary sources, according to the report.

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, said the cartel.

“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 October and November 2018 shows output at 6.44 mb/d, higher by 0.22 mb/d year-on-year, and 6.43 mb/d, higher by 0.23 mb/d, year-on-year, respectively,” the report reads.

OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices. OPEC agreed to slash the output by 1.2 million barrels per day from January 1.

Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan agreed to reduce output by 558,000 barrels per day starting from January 1, 2017.

OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.

The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.

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Follow the author on Twitter: @Lyaman_Zeyn

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