OPEC: Oil production in second half of 2018 may sharply soar

Baku. 19 January. REPORT.AZ/ Average daily production of OPEC in 2018 may increase by 0.2 mln. bbl or 0,6% and make 33,1 mln. bbl or 34 mln. bbl. in the second half of 2018.

Report informs, says the OPEC monthly report.

According to report, oil production in the cartel in December increased by 0.042 mln. bbl/day or 0.13% and made 32,416 mln. bbl/day. This is below 32.5 mln. bbl / day quota.

In December, Saudi Arabia's production decreased by 11,000 mln. bbl/day or by 0.11 % to 9,918 mln. bbl/days, Venezuela - by 5% or 0.082 mln. bbl/day to 1.745 mln. bbl/day. The decline in production in these two countries was compensated by increase in production in Nigeria by 75,000 bbl/day or 4,2% up to 1,861 mln bbl/day.

OPEC increased oil demand forecast for 2017 by 1.57 mln. bbl/day (1,64%) up to 96.99 mln. bbl/day and by 1,53 mln. bbl/days (1,58%) up to 98.51 mln. bbl/day. Oil demand outside OPEC expected to rise by 1.15 mln. bbl/day (1,99%) up to 58,94 mln. bbl/day in 2018. The growth is expected mainly by the United States, Canada, Mexico and the United Kingdom. Production in Norway and Argentina is expected to decline in 2018.