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OPEC crude output to average 29.6m barrels a day: EIA
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IANS | 09 Oct, 2019
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 US 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, the Xinhua news agency reported.
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 October 3.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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