BAKU, Azerbaijan, Dec.9
By Leman Zeynalova – Trend:
OPEC+ is set to produce 38.006 million barrels per day as of 2020, Trend reports with reference to the US JP Morgan Bank.
JP Morgan estimates that OPEC+ produced 41.726 mb/d in Q1 2020, 37.898 mb/d in Q2 and 35.886 mb/d in Q3. The Bank expects this figure to stand at 36.553 mb/d in Q4.
The OPEC+ oil production amounted to 41.334 mb/d in January, 41.333 mb/d in February, 42.487 mb/d in March, 44.728 mb/d in April, 35.568 mb/d in May, 34.684 mb/d in June, 36.556 mb/d in July, 36.437 mb/d in August, 36.415 mb/d in September, 36.594 mb/d in October, 36.652 mb/d in November and is expected to produce 36.652 mb/d in December.
OPEC+ is forecast to produce 38.459 mb/d in 2021 and 42.295 mb/d in 2022.
At the December 3 meeting, OPEC and OPEC+ participants decided to limit oil production increases planned for January 2021. OPEC+ announced it will increase its production target by 0.5 million b/d in January 2021. The group had initially planned to increase its target by 2.0 million b/d. The group will also assess the state of global oil markets and petroleum demand monthly, adjusting targets based on market conditions.
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