TODAY.AZ / Business

OPEC’s crude oil output down by 246,000 b/d

16 August 2019 [16:28] - TODAY.AZ

By Trend

According to secondary sources, total OPEC-14 preliminary crude oil production averaged 29.61 million barrels per day in July, lower by 246,000 barrels per day month-on-month, Trend reports citing OPEC Monthly Oil Market Report – August 2019.

Crude oil output decreased mostly in Saudi Arabia, IR Iran, Libya, Venezuela and Nigeria, while production increased in Iraq and Algeria, according to the report.

The share of OPEC crude oil in total global production declined by 0.3 percentage points to 30 percent in July 2019 compared to the previous month, said the cartel.

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.

At the end of 2018, OPEC and a number of non-affiliated countries (OPEC+) decided to extend the agreement on reducing oil production, which has been in force since the beginning of 2017. The countries agreed to reduce their production by a total of 1.2 million barrels per day from the level of October 2018.

A decision was passed in Vienna on July 2, 2019, regarding the extension of the agreement on the reduction of oil production by the countries of OPEC and non-members of the cartel until the end of the first quarter of 2020.


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