EIA: Increase in OPEC Oil Supply

Oil and other liquids supply will further rise in OPEC countries and reach 39.51 million barrels per day in 2017 and 40.21 million barrels per day in 2018. the US Energy Information Administration (EIA) said in its April 2017 Short-Term Energy Outlook.
The forecast for 2017 was decreased compared to the March 2017 Short-Term Energy Outlook. when OPEC oil and other liquids supply was forecast at 39.53 million barrels per day. EIA’s forecast for 2018. in contrast. increased compared to the previous outlook. when it was at 40.2 million barrels per day.
Production of oil and other liquids in OPEC countries totaled 38.99 million barrels per day in 2016. according to the EIA.
The biggest share of OPEC production falls on Saudi Arabia – 10.42 million barrels of oil per day in 2016. according to the EIA. Iraq with 4.43 million barrels of oil per day in 2016 ranks second among the OPEC countries. Iran. which produced 3.49 million barrels of oil per day in 2016. is the third largest oil producer in OPEC. OPEC has 13 members – Algeria. Angola. Ecuador. Iran. Iraq. Kuwait. Libya. Nigeria. Qatar. Saudi Arabia. the UAE. Venezuela and Gabon.
In late 2016. OPEC and non-OPEC producers reached a deal to curtail oil output jointly and ease a global glut after more than two years of low prices. OPEC agreed to slash the output by 1.2 million barrels per day starting from Jan. 1. 2017 for six months. extendable for another six months. with top exporter Saudi Arabia cutting as much as 486.000 bpd.

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