BAKU, Azerbaijan, March 8
By Leman Zeynalova – Trend:
OPEC crude supply is expected to stand at 27.2 million barrels per day (mbpd) in 2021, as compared to 26 mbpd in 2020, Trend reports citing the US JP Morgan Bank.
The group is expected to produce 25.3 mbpd in Q1, 27 mbpd in Q2, 28.2 mbpd in Q3 and 28.5 mbpd in Q4, 2021.
The monthly production is forecast as follows: 25.8 mbpd in January, 24.9 mbpd in February, 25.2 mbpd in March, 26.5 mbpd in April, 27.1 mbpd in May, 27.3 mbpd in June, 28 mbpd in July, 28.2 mbpd in August, 28.3 mbpd in September, 28.5 mbpd in October, 28.5 mbpd in November and 28.5 mbpd in December.
The 14th Ministerial Meeting of OPEC+ decided to preserve the existing quotas on daily crude oil production in April.
At the 12th Ministerial Meetings of Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries, it was agreed to increase the daily crude oil production by 0.5 million barrels in January 2021 and gradually mitigate the quotas up to 2 million barrels in the next months through the Ministerial Meetings of OPEC+ to be held in every month. At the 13th Ministerial Meeting of the OPEC plus countries, it was decided to reduce the daily crude oil production of OPEC plus countries by 7 million and 125,000 barrels in February and by 7 million and 50,000 barrels in March.
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