Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) is expected to increase slightly in 2019 to an average of 32.1 million barrels per day, according to U.S. Energy Information Administration (EIA) on Friday.
EIA also forecast the crude oil output from OPEC will average 32.0 million barrels per day in 2018, a decrease of about 0.4 million from the 2017 level.
It assumed that declining Venezuelan and Iranian crude oil production in 2019 will be offset by increasing production from Persian Gulf producers, primarily Saudi Arabia.
OPEC, Russia and other non-OPEC countries will meet next Friday to assess current oil market conditions associated with their existing crude oil production reductions. Current reductions are scheduled to continue through the end of 2018.
Oil ministers from Saudi Arabia and Russia have announced that they will re-evaluate the production reduction agreement given accelerated output declines from Venezuela and uncertainty surrounding Iran's production levels.
EIA expected global oil production to increase by almost 2.0 million barrels per day in 2019 compared with forecast oil demand growth of 1.7 million barrels per day.
EIA also forecast the crude oil output from OPEC will average 32.0 million barrels per day in 2018, a decrease of about 0.4 million from the 2017 level.
It assumed that declining Venezuelan and Iranian crude oil production in 2019 will be offset by increasing production from Persian Gulf producers, primarily Saudi Arabia.
OPEC, Russia and other non-OPEC countries will meet next Friday to assess current oil market conditions associated with their existing crude oil production reductions. Current reductions are scheduled to continue through the end of 2018.
Oil ministers from Saudi Arabia and Russia have announced that they will re-evaluate the production reduction agreement given accelerated output declines from Venezuela and uncertainty surrounding Iran's production levels.
EIA expected global oil production to increase by almost 2.0 million barrels per day in 2019 compared with forecast oil demand growth of 1.7 million barrels per day.
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