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OPEC crude oil production is expected to average 32.53 million barrels per day in 2017 and 32.96 million barrels per day in 2018. the US Energy Information Administration (EIA) said in its August Short-term Energy Outlook (STEO).
This is while in July STEO. EIA expected OPEC oil supply to stand at 33 million barrels per day in 2018. EIA forecasts for OPEC crude production for 2017 have remained unchanged.
As for non-OPEC countries. the Energy Information Administration forecasts petroleum and other liquids supply in these countries at 58.98 million barrels per day in 2017 and 60.10 million barrels in 2018.
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.
