ZCZC
BCN-27
OPEC-CRUDE-OIL-EIA
OPEC crude oil production to average 29.6 mln barrels per day in 2020: EIA
HOUSTON, Oct. 9, 2019 (BSS/Xinhua) – Crude oil production from the
Organization of the Petroleum Exporting Countries (OPEC) will average 29.6
million barrels per day (b/d) in 2020, down by 2.3 million b/d from 2018,
according to a report released Tuesday by the U.S. Energy Information
Administration (EIA).
In its October Short-Term Energy Outlook, EIA also forecast that annual
average OPEC crude oil production will average 29.8 million b/d in 2019, down
by 2.1 million b/d from 2018.
Meanwhile, EIA estimated that crude oil production from OPEC averaged 28.2
million b/d in September, down by 1.6 million b/d from August, the lowest
level of OPEC production since November 2003 as a result of the disruptions
in Saudi Arabia, and down by 4.0 million b/d from September 2018.
The decrease in OPEC crude oil production during the past year was
primarily the result of falling production in Iran and Venezuela as well as
the recent disruption in Saudi Arabia.
However, EIA estimated that Saudi Arabia’s crude oil production returned to
pre-outage levels as of Oct. 3.
BSS/XINHUA/HR/1500