Send
Print
Gulustan
In April, OPEC countries cut shipments totaling 130,000 bpd, to 31.65 million bpd. In particular, the decline in production was noted in Venezuela and in African countries, the level of execution of the OPEC + deal reached a record 172%. Until the end of the year, production in Venezuela, which has already exceeded its obligations under the deal by 550 thousand bpd (this is more than Saudi Arabia), may be reduced by an additional several hundred thousand barrels per day, the IEA expected, indicating that together with the Iranian factor this represents a major problem for oil producers, in terms of not only the quantity but also the quality of oil.
The reduction in supplies by OPEC countries was offset by an increase in production in Canada and the United States. According to the results of 2018, countries that are not part of OPEC can increase production by 1.87 million bpd, the IEA expects. The forecast for growth in the US was further increased by 120 thousand bpd (up to 1.3 million bpd). The main reason for the revision is expectation of a more substantial rise in prices for this energy resource. However, the same factor will prevent the increase in demand for oil this year, which, according to the forecast of the IEA, will be 1.4 million bpd (against 1.5 million bpd, expected in April). Last year, the increase was more significant - by 1.6 million bpd. The total demand in the end can reach 99.2 million bpd, while the total supply of oil in the market in April remained at the same level - 98 million bpd. The agency also noted a record decline in oil reserves in OECD countries - in March their volume was at the level of March 2015 and fell below the average for five years.
source: iea.org
The reduction in supplies by OPEC countries was offset by an increase in production in Canada and the United States. According to the results of 2018, countries that are not part of OPEC can increase production by 1.87 million bpd, the IEA expects. The forecast for growth in the US was further increased by 120 thousand bpd (up to 1.3 million bpd). The main reason for the revision is expectation of a more substantial rise in prices for this energy resource. However, the same factor will prevent the increase in demand for oil this year, which, according to the forecast of the IEA, will be 1.4 million bpd (against 1.5 million bpd, expected in April). Last year, the increase was more significant - by 1.6 million bpd. The total demand in the end can reach 99.2 million bpd, while the total supply of oil in the market in April remained at the same level - 98 million bpd. The agency also noted a record decline in oil reserves in OECD countries - in March their volume was at the level of March 2015 and fell below the average for five years.
source: iea.org
