OPEC oil output up by 136,000 b/d

By Trend

According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.74 million barrels per day (mb/d) in August, higher by 136,000 b/d month-on-month, Trend reports citing OPEC’s Monthly Oil Market Report.

Crude oil output increased mostly in Saudi Arabia, Nigeria, Iraq and the UAE, while it declined mainly in Venezuela, Iran, I.R., Libya, Kuwait and Algeria, reads the report.

The share of OPEC crude oil in total global production declined by 0.1 percent to 30 percent in August 2019 compared to the previous month. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.

OPEC NGLs and non-conventional liquids in 2019 are forecast to grow by 0.07 mb/d to average 4.84 mb/d, unchanged from last month's assessment. Preliminary production data in August 2019 showed steady output, averaging 4.84 mb/d, compared to a month earlier, with a remarkable decrease of 0.20 mb/d y-o-y. For 2020, the preliminary forecast indicates minor growth of 0.03 mb/d to average 4.87 mb/d.

In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.

On July 2, 2019, a decision was made in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.