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Share of OPEC crude oil in total global production decreased

Oil&Gas Materials 15 July 2020 18:07
Share of OPEC crude oil in total global production decreased

BAKU, Azerbaijan, July 15

By Leman Zeynalova – Trend:

The share of OPEC crude oil in total global production decreased by 1.3 percentage points to 25.8 percent in June compared with the previous month, Trend reports with reference to OPEC Monthly Oil Market Report.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and nonconventional oil, while estimates for OPEC crude production are based on secondary sources.

According to secondary sources, total OPEC-13 crude oil production averaged 22.27 mb/d in June 2020, lower by 1.89 mb/d m-o-m. Crude oil output decreased mainly in Saudi Arabia, Iraq, Venezuela, UAE, and Kuwait, while production increased primarily in Equatorial Guinea and Libya. In June, additional voluntary production adjustments by Saudi Arabia, the UAE and Kuwait were noted. Furthermore, compensatory production adjustments for the countries not able to meet their production levels in May were announced following the 19th Joint Ministerial Monitoring Committee (JMMC) on Thursday, 18 June 2020, which are scheduled to take effect in 3Q20.

OPEC NGLs and non-conventional liquids are estimated to have declined by 0.08 mb/d in 2019 to average 5.26 mb/d, revised down from last month’s assessment by 9 tb/d, following growth of 0.16 mb/d in 2018.

For 2020, a contraction of 0.10 mb/d y-o-y and average output of 5.16 mb/d are anticipated. The OPEC NGL production forecast was revised down for 2Q20 and 3Q20. As a result, the 2020 forecast was revised down by 65 tb/d. OPEC NGL output in 1Q20 grew by 0.05 mb/d to average 5.35 mb/d but preliminary output in 2Q20 represented a decline of 0.26 mb/d to average 5.09 mb/d.

Preliminary production in June indicates the same level as in May at 5.08 mb/d. The preliminary 2021 forecast indicates growth of 0.08 mb/d to average 5.24 mb/d. NGL production is expected to grow by 0.08 mb/d to average 5.13 mb/d, while non-conventional liquids will remain unchanged at 0.11 mb/d.

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Follow the author on Twitter: @Lyaman_Zeyn

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