(MENAFN- Trend News Agency ) Baku, Azerbaijan, May 14
By Leman Zeynalova – Trend:
OPEC-14 crude oil production averaged 31.93 million barrels per day (mb/d) in April, an increase of 12,000 b/d from the previous month, OPEC said in its Monthly Oil Market Report for May.
Higher production in Saudi Arabia and Algeria was partially offset by decreased crude oil production, mainly in Venezuela, Gabon and Nigeria, said the report.
The share of OPEC crude oil in total global production remained unchanged at 32.6 percent compared with the previous month, said the report.
'Estimates are based on preliminary data from direct communications for non-OPEC supply, OPEC
NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources,' said the cartel.
In 2017, demand for OPEC crude is estimated to stand at 33.0 mb/d, 0.6 mb/d higher than a year earlier. In
2018, demand for OPEC crude is forecast at 32.7 mb/d, 0.3 mb/d lower than the 2017 level.
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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