BAKU, Azerbaijan, Nov.14
By Leman Zeynalova – Trend:
According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.65 million barrels per day (mb/d) in October, higher by 943,000 barrels per day month-on-month, Trend reports citing OPEC’s Oil Market Report.
Crude oil output increased mostly in Saudi Arabia, Venezuela and UAE, while production decreased in Ecuador, Angola, Iraq and Nigeria, reads the report.
OPEC NGLs and non-conventional liquids in 2019 are forecast to grow by 0.04 mb/d to average 4.80 mb/d, revised down by 11 tb/d due to downward revisions in production of some OPEC MCs compared to last month’s assessment, and following growth of 0.12 mb/d in 2018.
NGL output in September declined by 0.22 mb/d m-o-m to average 4.56 mb/d. Preliminary production data for October 2019 shows a recovery of 0.26 mb/d to average 4.81 mb/d compared with a month earlier, and an increase of 0.06 mb/d y-o-y.
For 2020, the preliminary forecast indicates growth of 0.03 mb/d to average 4.83 mb/d.
In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.
On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.
Follow the author on Twitter:@Lyaman_Zeyn