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2016-11-14 18:50:00

OPEC OIL PRODUCTION 33.64 MBD

OPEC OIL PRODUCTION 33.64 MBD

 

opec oil/petroleum production 2014 - 2-16

 

OGJ wrote, the Organization of Petroleum Exporting Countries increased its crude oil output by 240,000 b/d during October to average 33.64 million b/d.

The cartel's October production was above the high-end of a production range OPEC proposed at a September meeting in Algiers. Ministers are expected to discuss that proposed production cap of 32.5-33 million b/d during a Nov. 30 meeting in Vienna.

OPEC said its members produced almost 1 million b/d more than its anticipated 2017 demand for OPEC oil.

"Looking ahead, it is important to consider the immediate impact that the assumed global supply-demand balance has on inventories, given the expected demand for OPEC crude in 2017 of 32.7 million b/d," OPEC said. "Adjustments in both OPEC and non-OPEC supply will accelerate the drawdown of the existing substantial overhang in global oil stocks and help bring forward the rebalancing of the market."

Nigeria, Libya, and Iraq all reported increased production. These producers also have requested an exemption from any reduction in production quotas. Meanwhile, production in Angola showed the largest decline of OPEC members during October.

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Earlier: 

OIL PRODUCTION GROWTH 

DEMAND WILL UP AGAIN 

BOTTOM IS GOING 

OPEC CAN'T CUT 

IRAQ: OUT OF DEAL

 

 

Tags: OPEC, OIL, PRODUCTION

Chronicle:

OPEC OIL PRODUCTION 33.64 MBD
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OPEC OIL PRODUCTION 33.64 MBD
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OPEC OIL PRODUCTION 33.64 MBD
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

OPEC OIL PRODUCTION 33.64 MBD
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

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