BAKU, Azerbaijan, Feb.23
By Leman Zeynalova – Trend:
OPEC crude supply is expected to stand at 30.1 million barrels per day (mbpd) in 2022, as compared to 27.1 mbpd in 2021, Trend reports citing the US JP Morgan Bank.
The group is expected to produce 28.7 mbpd in Q1 29.6 mbpd in Q2, 30.8 mbpd in Q3 and 31.2 mbpd in Q4, 2021.
The monthly production is forecast as follows: 28.6 mbpd in January, 28.8 mbpd in February, 28.8 mbpd in March, 28.9 mbpd in April, 29.5 mbpd in May, 30.3 mbpd in June, 30.6 mbpd in July, 30.8 mbpd in August, 30.9 mbpd in September, 31.1 mbpd in October, 31.2 mbpd in November and 31.2 mbpd in December.
OPEC+ agreed to lift oil production by 75,000 barrels per day over January levels.
But Saudi Arabia’s late announcement after the meeting sent oil prices soaring—that Saudi Arabia would voluntarily cut an additional 1 million barrels per day in February and March above its current quota—all while OPEC’s allies get to ramp up production.
The OPEC+ agreed not only for the production levels for February but for March as well. March’s production level will see an additional increase of 120,000 barrels per day over February levels, or 195,000 bpd over January levels.
With March’s production quotas already set, the February meeting, therefore, will set production quotas for April. The previous meeting held in December adjusted the total production cuts to 7.2 million bpd for January, from 7.7 million bpd before.
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