OPEC sees minor decrease in oil output

February 13, 2018

Total OPEC-14 crude oil production averaged 32.30 million barrels per day (mb/d) in January, a minor decrease of 8,000 b/d over the previous month, according to secondary sources, OPEC said in its February Oil Market Report.

While production mainly decreased in Venezuela and Angola, partially offset by Iraq, Saudi Arabia and Libya, said the cartel.

The share of OPEC crude oil in total global production was down by 0.1 percent at 33.1 percent in January, compared with the previous month, according to the report.

This is while OPEC natural gas liquids (NGLs) and non-conventional liquids output in January 2018 rose by 0.04 mb/d to average 6.48 mb/d.

“Production in 2017 is estimated to grow by 0.17 mb/d, averaging 6.31 mb/d, while for 2018, growth of 0.18 mb/d is forecast to average 6.49 mb/d,” said the report.

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.