Baku, Azerbaijan, Sept.12
By Leman Zeynalova – Trend:
According to secondary sources, total OPEC-14 crude oil production averaged 32.76 million barrels per day (b/d ) in August, a decrease of 79,000 b/d over the previous month, the cartel said in its September Oil Market Report.
Crude oil output increased in Nigeria, while production showed declines in Libya, Gabon, Venezuela and Iraq, according to the report.
“The forecast for OPEC NGLs and non-conventional liquids in 2017 was left unchanged, averaging 6.31 million b/d and representing growth of 0.17 million b/d. This follows last month’s upward revision of 90,000 b/d following Equatorial Guinea joining OPEC,” said the cartel.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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