OPEC oil output drops by 201,000 b/d

2018-04-14 02:36:05

(MENAFN- Trend News Agency ) Baku, Azerbaijan, April 14

By Leman Zeynalova – Trend:

The secondary sources show that the total OPEC-14 crude oil production averaged 31.96 million barrels per day (mb/d) in March, a decrease of 201,000 b/d over the previous month, OPEC said in its April Oil Market Report.

While production mainly decreased in Angola, Venezuela, Algeria and Saudi Arabia, this was partially offset by higher production in the United Arab Emirates (UAE).

The share of OPEC crude oil in total global production was down by 0.3 percentage points at 32.6 percent in March, compared with the previous month, said the report.

Estimates are based on preliminary data from direct communications for non-OPEC supply, OPEC natural gas liquids (NGLs) and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.

OPEC and several other non-OPEC producers have reached an agreement to extend the production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November 2016.

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