According to a recent article by CNBC, September saw OPEC increase their oil output while in the same month Iran decreased their production.
The increase was the equivalent to 132,000 barrels per or a total of 32.8 million barrels per day.
Supply hikes from Saudi Arabia, Libya, the UAE, Nigeria and Angola offset a drop in production from Iran and Venezuela.
OPEC lowered its forecast for oil demand growth, upped its projection for non-OPEC supply increases and said its outlook for the economy has softened.
Numerous OPEC members including Saudi Arabia and Libya, produced enough new barrels on the market to make up for a drop in production by Iran, who are seeing a decrease in demand for their crude as a direct result of the U.S. sanctions, according to a monthly report.
OPEC which consists of 15 oil-producing nations has predicted a drop in oil demand for the rest of 2018 and 2019, at the same time advising that the outlook for economic growth is slowing, especial in emerging markets, OPEC raised its forecast for oil supply growth in 2018 from non-member nations, including the United States
The report comes just a few weeks before a U.S. deadline for oil buyers to cut off imports from Iran, OPEC's third-biggest producer. Concerns about OPEC's ability to fill the gap in crude supplies has pushed oil prices to nearly four-year highs above $86 a barrel.
Saudi Arabia put an additional 108,000 bpd on the market in September, raising its output to 10.5 million barrels a day. Saudi Energy Minister Khalid al Falih recently said the kingdom is pumping 10.7 million bpd this month and will hike output again in November.
The Saudi and Libyan increases offset a drop of 150,000 bpd in Iran, where total output fell to 3.4 million bpd. Iran claims its output remains roughly steady at just below 3.8 million bpd, according to figures supplied by the country.
Production increases in Angola, Nigeria and the United Arab Emirates also boosted OPEC's bottom line. Venezuela, which is mired in a protracted economic crisis, continued to lose production, while the output from the remaining OPEC members remained roughly steady.
OPEC warned that the world's economic prospects are beginning to diverge after a period of synchronized growth. Economic growth is now challenged by tighter monetary policy in developed nations, weakening financial situations in some developing countries, rising trade tensions and geopolitical challenges.
"Global economic growth remains solid, but is facing potential headwinds," OPEC said.
"While growth in the major OECD economies remains well supported, decelerating trends have become visible in some emerging markets and developing countries."
OPEC now expects world oil demand to grow by 1.54 million bpd this year, down 80,000 bpd from its last forecast. Meanwhile, it raised its outlook for supply growth from non-OPEC countries by 200,000 bpd to 2.22 million bpd.
In 2019, OPEC expects oil consumption to rise by 1.36 million bpd, 50,000 bpd lighter than its last estimate. It also knocked down its outlook for non-OPEC supply growth by 30,000 bpd to 2.12 million bpd.
OPEC said the trend in the third quarter points to some weakness in the global market for fuel this winter, largely due to lower demand for diesel in Europe. An Ecocrops International report
www.ecocropsinternational.com
The increase was the equivalent to 132,000 barrels per or a total of 32.8 million barrels per day.
Supply hikes from Saudi Arabia, Libya, the UAE, Nigeria and Angola offset a drop in production from Iran and Venezuela.
OPEC lowered its forecast for oil demand growth, upped its projection for non-OPEC supply increases and said its outlook for the economy has softened.
Numerous OPEC members including Saudi Arabia and Libya, produced enough new barrels on the market to make up for a drop in production by Iran, who are seeing a decrease in demand for their crude as a direct result of the U.S. sanctions, according to a monthly report.
OPEC which consists of 15 oil-producing nations has predicted a drop in oil demand for the rest of 2018 and 2019, at the same time advising that the outlook for economic growth is slowing, especial in emerging markets, OPEC raised its forecast for oil supply growth in 2018 from non-member nations, including the United States
The report comes just a few weeks before a U.S. deadline for oil buyers to cut off imports from Iran, OPEC's third-biggest producer. Concerns about OPEC's ability to fill the gap in crude supplies has pushed oil prices to nearly four-year highs above $86 a barrel.
Saudi Arabia put an additional 108,000 bpd on the market in September, raising its output to 10.5 million barrels a day. Saudi Energy Minister Khalid al Falih recently said the kingdom is pumping 10.7 million bpd this month and will hike output again in November.
The Saudi and Libyan increases offset a drop of 150,000 bpd in Iran, where total output fell to 3.4 million bpd. Iran claims its output remains roughly steady at just below 3.8 million bpd, according to figures supplied by the country.
Production increases in Angola, Nigeria and the United Arab Emirates also boosted OPEC's bottom line. Venezuela, which is mired in a protracted economic crisis, continued to lose production, while the output from the remaining OPEC members remained roughly steady.
OPEC warned that the world's economic prospects are beginning to diverge after a period of synchronized growth. Economic growth is now challenged by tighter monetary policy in developed nations, weakening financial situations in some developing countries, rising trade tensions and geopolitical challenges.
"Global economic growth remains solid, but is facing potential headwinds," OPEC said.
"While growth in the major OECD economies remains well supported, decelerating trends have become visible in some emerging markets and developing countries."
OPEC now expects world oil demand to grow by 1.54 million bpd this year, down 80,000 bpd from its last forecast. Meanwhile, it raised its outlook for supply growth from non-OPEC countries by 200,000 bpd to 2.22 million bpd.
In 2019, OPEC expects oil consumption to rise by 1.36 million bpd, 50,000 bpd lighter than its last estimate. It also knocked down its outlook for non-OPEC supply growth by 30,000 bpd to 2.12 million bpd.
OPEC said the trend in the third quarter points to some weakness in the global market for fuel this winter, largely due to lower demand for diesel in Europe. An Ecocrops International report
www.ecocropsinternational.com
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