Baku
Bakı booked.net
+30°C
FreeCurrencyRates.com

OPEC oil output up by 136,000 b/d

  6

Baku, Azerbaijan, Sept.11

By Leman Zeynalova – 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.

---

Follow the author on Twitter:@Lyaman_Zeyn

Follow Trend on Telegram. Only most interesting and important news

Xəbər Lenti

| Over 700 companies with Azerbaijani capital operate in Georgia

| President Ilham Aliyev receives State Secretary of Security Council of Belarus (PHOTO)

| Azerbaijani female athletes gain victory at World Wrestling Championships in Kazakhstan

| Azerbaijani citizens purchase over 700 real estate properties in Turkey in 8 months

| Petrofac secures contract for work at UAE’s Haliba field

| Exhibition of rare musical instruments opens at Heydar Aliyev Center (PHOTO/VIDEO)

| EBRD supports Turkey’s leading exporter of dried fruits in production expansion

| EBRD support sTurkey’s leading exporter of dried fruits and nuts in production expansion

| Azerbaijani defense minister hears reports on progress of military exercises (PHOTO/VIDEO)

| Israeli gymnast: I feel at home in Baku

| Anti-terrorist operations continue in Istanbul

| Turkish Air Force continues operations in Iraq's north

| Iranian currency rates for Sept. 18

| EU and UNDP implement a project on gender equality in Azerbaijan

| Azeri-Chirag-Gunashli contract's 25th anniversary in facts

| Azeri-Chirag-Gunashli contract's 25th anniversary: Caspian’s technological heartland

| Azerbaijani FM meets rector of Pontifical Oriental Institute during his visit to Holy See (PHOTO)

| Key facts of ACG’s 25th anniversary

| Minister: Latvia, Azerbaijan can get new transit opportunities via Belt and Road Initiative (Exclusive)

| Azerbaijan has good, promising gymnasts: Georgian representative

| Southern Gas Corridor to bring needed diversification of supply to Europe: Int’l Gas Union

| Dina Averina 1-st in ball exercises at Rhythmic Gymnastics World Championships in Baku

| Russia’s Selezneva grabs gold at Rhythmic Gymnastics World Championships in Baku (PHOTO)

| Azerbaijani FM meets Holy See’s secretary in Vatican (PHOTO)

| President Ilham Aliyev congratulates his Chilean counterpart

| Finals of 37th Rhythmic Gymnastics World Championships kick off in Baku (PHOTO)

| Azerbaijan, Iran hold consultations on Caspian Sea issues

| Saber Junction-19 drills involving Azerbaijani servicemen underway in Germany (PHOTO)

| Atmosphere at stands of National Gymnastics Arena in Baku always friendly - spectator

| Israeli gymnast: Absolutely all conditions created in National Gymnastics Arena in Baku

| Finalists of Rhythmic Gymnastics World Championship in Baku defined in hoop exercises

| Azerbaijan, Kazakhstan hold consultations on Caspian issues

| Finalists of Rhythmic Gymnastics World Championships in Baku defined in ball exercises

| Russian spectator: Rhythmic Gymnastics World Championships in Baku spectacular

| Hikmet Hajiyev: Azerbaijan can consider potentiality of its role as transit country of Turkmen gas

| Gymnast: One day I hope Australia to have such chic arena as in Azerbaijan

| Azerbaijan’s Zohra Agamirova, Veronika Hudis happy with their performances (PHOTO)

| Best moments of 2nd day of Rhythmic Gymnastics World Championships in Baku (PHOTO)

| Results of Azerbaijani gymnasts on Day 2 of World Championships in Baku (PHOTO)

| Troops redeployed during Azerbaijani army’s exercises (VIDEO)

| Azerbaijan's defense minister meets newly appointed UK ambassador (PHOTO)

| President Ilham Aliyev receives Georgian minister of economy and sustainable development (PHOTO)

| Petkim petrochemical complex completes 1H2019 with record figures

| World Championships in Baku organized at highest level: Russia's Dina Averina

| Azerbaijan’s Mariya Stadnik wins license for Olympics in Tokyo

| Export of Turkish goods to Iran up