OPEC oil supply to rise
OPEC oil supply will rise to 32 million barrels per day by the end of this year, according to the forecasts of the US JP Morgan bank.
Bank’s Analysts expect OPEC oil supply will continue rising in 2016 reaching 32.5 million barrels per day in the third quarter of the next year.
Average OPEC oil supply volume is expected by analysts at 31.5 million barrels per day in 2015 and 32.1 million barrels per day in 2016.
“OPEC supply forecast are nudged higher by 0.1 mbd for 2015, with higher production from Iraq in 3Q2015 and 4Q2015 compared to previous estimates,” JP Morgan’s analysts said in a report obtained by Trend.
Global oil market experienced a historic price fall as US oil prices fell below $40 a barrel on Aug. 28 for the first time since the 2009 financial crisis. Despite the continuous oil prices fall OPEC seems not to be willing to make efforts to stabilize the situation on the market.
Saudi Arabia, the world's top oil exporter, and other Gulf states pushed OPEC's strategy shift last year to defend market share rather than cut output to support prices.
The current oil production quota of OPEC amounts to 30 million barrels per day. The next meeting of OPEC member states is scheduled on Dec. 4.
JP Morgan’s forecasts for OPEC crude oil production by member states (in bbl/d)
|
Country |
1Q15 |
2Q15 |
3Q15 |
4Q15 |
1Q16 |
2Q16 |
3Q16 |
4Q16 |
|
Algeria |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
1.1 |
1.0 |
1.0 |
|
Angola/Cabinda |
1.8 |
1.7 |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
1.7 |
|
Ecuador |
0.6 |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Iran |
2.8 |
2.8 |
2.9 |
2.9 |
3.0 |
3.2 |
3.2 |
3.2 |
|
Iraq |
3.5 |
3.9 |
4.2 |
4.3 |
4.3 |
4.4 |
4.4 |
4.3 |
|
Kuwait |
2.8 |
2.8 |
2.8 |
2.8 |
2.8 |
2.8 |
2.8 |
2.8 |
|
Libya |
0.4 |
0.5 |
0.4 |
0.4 |
0.5 |
0.5 |
0.5 |
0.5 |
|
Nigeria |
1.9 |
1.9 |
1.9 |
1.9 |
1.9 |
1.9 |
1.9 |
1.9 |
|
Qatar |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
0.7 |
|
Saudi Arabia |
10.0 |
10.4 |
10.5 |
10.3 |
10.2 |
10.4 |
10.6 |
10.4 |
|
UAE |
2.8 |
2.9 |
2.9 |
2.9 |
2.8 |
2.8 |
2.8 |
2.8 |
|
Venezuela |
2.4 |
2.4 |
2.4 |
2.4 |
2.4 |
2.3 |
2.4 |
2.4 |
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