OPEC crude output down by over 750,000 b/d
Baku, Azerbaijan, Jan.17
By Leman Zeynalova – Trend:
According to secondary sources, total OPEC-14 preliminary crude oil production averaged 31.58 million barrels per day (mb/d) in December 2018, a decrease of 751,000 b/d over the previous month, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).
Crude oil output decreased mostly in Saudi Arabia, Libya, IR Iran and the United Arab Emirates (UAE), while production rose in Iraq, said the report.
OPEC natural gas liquids (NGLs) and non-conventional liquids for 2018 were adjusted down by 1.36 mb/d from the
December MOMR – now excluding output from Qatar – to average 4.98 mb/d, said the cartel.
“This includes an estimated 4.85 mb/d of NGLs and 0.13 mb/d of non-conventional liquids. Y-o-y growth in 2018 now stands at 0.04 mb/d,” the report reads.
The cartel said that for 2019, OPEC NGLs and non-conventional liquids are forecast to grow by 0.11 mb/d and average of 5.09 mb/d. Preliminary production data in November and December 2018 shows output at 5.05 mb/d, higher by 0.20 mb/d year-on-year.
The report shows that the share of OPEC crude oil in total global production declined by 0.6 percent to 31.6 percent in December compared with the previous month.
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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