TODAY.AZ / Business

OPEC crude oil production down by 29.83 mb/d

11 July 2019 [17:31] - TODAY.AZ

By Trend

According to secondary sources, total OPEC preliminary crude oil production averaged 29.83 mb/d in June, lower by 68 tb/d m-o-m, Trend reports citing OPEC Oil Market Report.

Crude oil output decreased mostly in Iran IR, Libya and Angola, while production increased in Nigeria and, Saudi Arabia, said the cartel.

Reportedly, OPEC NGLs and non-conventional liquids in 2019 are forecast to grow by 0.07 mb/d to average 4.84 mb/d, following growth of 0.13 mb/d in 2018.

Preliminary production data in June 2019 showed minor growth of 0.02 mb/d to average 4.85 mb/d compared with a month earlier, and is up by 0.05 mb/d y-o-y, said OPEC.

For 2020, the preliminary forecast indicates minor growth of 0.03 mb/d to average 4.87 mb/d, according to the cartel.

On July 2, OPEC producers and several non-OPEC producers (OPEC+) extended production cuts announced in December 2018 through the end of the first quarter of 2020.


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