Baku, Azerbaijan, Feb.12
By Leman Zeynalova – Trend:
According to secondary sources, total OPEC-14 preliminary crude oil production averaged 30.81 million barrels per day (mb/d) in January, a decrease of 797,000 b/d over the previous month, Trend reports with reference to OPEC’s February Monthly Oil Market Report (MOMR).
Crude oil output decreased mostly in Saudi Arabia, the United Arab Emirates (UAE), Kuwait and Angola, while production increased in Nigeria, reads the report.
The share of OPEC crude oil in total global production declined by 0.5% to 31 percent in January 2019 compared with the previous month, according to the cartel.
OPEC natural gas liquids (NGLs) and non-conventional liquids for 2018 are expected to grow by 0.04 mb/d to average 4.98 mb/d, reads the report.
“For 2019, they are likely to grow by 0.09 mb/d to average 5.07 mb/d, revised down by 0.02 mb/d from last month’s assessment. Preliminary production data in January 2019 shows steady output at 5.08 mb/d compared to December, higher by 0.21 mb/d y-o-y. In January 2019, the volume of 0.13 mb/d is classified as OPEC non-conventional liquids, and the largest share, at 4.95 mb/d, is from NGL production in January,” said the cartel.
On December 7, 2018, an agreement was reached at the fifth ministerial meeting of the non-OPEC member and non-OPEC countries in Vienna to cut daily oil production by 1.2 million barrels.
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