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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
2017, December, 15, 12:50:00

LUKOIL'S PLAN: $50

LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.

OPEC OIL PRODUCTION 33.64 MBD
2017, December, 15, 12:45:00

BP INVESTS TO SOLAR

BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.

OPEC OIL PRODUCTION 33.64 MBD
2017, December, 13, 12:40:00

OIL PRICE: ABOVE $64 YET

REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.

OPEC OIL PRODUCTION 33.64 MBD
2017, December, 13, 12:35:00

RUSSIAN-TURKISH NUCLEAR

ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.

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