BAKU, Azerbaijan, Sept.15
By Leman Zeynalova – Trend:
The US JP Morgan Bank expects OPEC+ oil production to stand at 37.642 million barrels per day in 2021, as compared to 37.863 mbpd in 2020, Trend reports.
Saudi Arabia and Russia will account for the major part of production among OPEC and non-OPEC countries with 9.133 mbpd and 9.617 mbpd, respectively.
The Bank predicts OPEC crude oil production at 26.799 mdpd as of 2021, as compared to 26.085 mdpd in 2020, while non-OPEC output will rise from 14.794 mdpd to 14,986 mdpd.
The forecasts for OPEC+ Q3 and Q4 2021 are 38.188 mdpd and 39.430 mdpd, respectively, as compared to 35.878 mdpd and 36.144 mdpd in 2020.
As for 2022, JP Morgan expects OPEC+ to raise crude production to 41.248 mdpd, with OPEC-13 accounting for 30.061 mdpd of this volume.
At the 20th OPEC and non-OPEC Ministerial Meeting (ONOMM), held Sept.1 2021, the sides reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th ONOMM and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of October 2021.
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