OPEC crude oil production to fall - [color=red]FORECAST[/color]
  • ECONOMY

  • 17:17 08 May 2019

OPEC crude oil production to fall - FORECAST

Energy Information Administration (EIA) forecasts that crude oil production in the Organization of the Petroleum Exporting Countries (OPEC) will average 30.3 million barrels per day (b/d) in 2019, down by 1.7 million b/d from 2018, ONA reports.

In 2020, EIA expects OPEC crude oil production to fall by 0.4 million b/d to an average of 29.8 million b/d.

Production in Venezuela and Iran account for most of the OPEC output declines in 2019 and in 2020, but EIA expects these declines to be partially offset by production increases from other OPEC members.

Emil Ismayilov

Tags: OPEC oil production economy

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