Total OPEC-14 crude oil production averaged 32.59 million barrels per day (b/d) in October, a decrease of 151,000 b/d over the previous month, OPEC said in its November Oil Market Report citing secondary source.
Crude oil output increased in Angola, Libya and Saudi Arabia, while production showed declines mainly in Iraq, Nigeria, Venezuela, Algeria and Iran, according to the report.
This is while OPEC natural gas liquids (NGL) and non-conventional liquids production averaged 6.31 million b/d in 2017, an increase of 0.17 million b/d y-o-y.
“In 2018, production is forecast to grow by 0.18 million b/d to average 6.49 million b/d,” said the report.
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.
Follow us on Twitter @AzerNewsAz