ECONOMY


OPEC: Crude oil production broadly unchanged

Baku, May 15, AZERTAC

“In April 2019, OPEC crude oil production was broadly unchanged from the previous month to average 30.03 mb/d, according to secondary sources,” OPEC said in its Monthly Oil Market Report (MOMR).

Crude oil output decreased mostly in Iran, Saudi Arabia and Angola, while production increased in Iraq, Nigeria and Libya. Iran saw declines of 164 thousand barrels per day lowering the overall production figure to around 2.5 million bpd, while crude oil production in Iraq increased by 113 thousand bpd to reach 4.6 million bpd, read the report.

Demand for OPEC crude in 2019 was revised up by 0.3 million bpd from the previous report to stand at 30.6 million bpd. However, it is 1.0 million bpd lower than the 2018 level, OPEC said.

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