OPEC Reduced Oil Production by 122%
OREANDA-NEWS. Saudi Arabia and Nigeria in June, in total, increased production by almost 300 thousand b / s. At the same time, the agreement of the OPEC + countries on the reduction of oil production is still over-fulfilled - in June it was fulfilled by 122%, follows from the OPEC report.
At the same time, the demand from the states of the Organization for Economic Cooperation and Development (OECD) will increase by 90 thousand barrels per day. However, positive dynamics are expected only in the countries of North and South America, while in Europe and the Asia-Pacific region the demand will continue to decline.
In a previous report, OPEC experts assumed that oil supplies by independent producers in the current year would be 64.51 million barrels per day.
In 2020, according to the organization’s forecast, oil supplies from non-OPEC countries will increase by 2.44 million barrels per day compared to 2019 - to 66.87 million barrels per day.