ECONOMY


OPEC lowers oil production in December

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Baku, January 18, AZERTAC

OPEC crude oil production decreased by 221 thousand barrels per day (b/d) to 33.08 million b/d in December, according to the organization's Wednesday report.

Global oil supply fell by 300 thousand b/d to average 96.92 million b/d in December.

The share of OPEC crude oil dropped to 34.1 percent of total global production in December due to the drop in output.

According to the organization, last month "crude oil output increased the most in Iraq, Angola and Libya, while production in Saudi Arabia, Nigeria and Venezuela showed the largest decline."

Iraq raised its production level by 42 thousand b/d close to 4.6 million b/d, while largest producer Saudi Arabia lowered its output capacity to 10.47 million b/d in December, a decrease of over 149 thousand b/d from November.

"Demand for OPEC crude in 2017 is forecast at 32.1 million b/d, a further increase of 900 thousand b/d over 2016," OPEC says.

In 2017, world oil demand is projected to rise by 1.16 million b/d to around 95.60 million b/d, according to OPEC's report.

Non-OPEC oil supply will rise by 120 thousand b/d to average 57.26 mb/d in 2017.

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