OPEC's crude oil production decreased by
77 thousand barrels per day (b/d) to 32.19 million barrels per day
(mb/d) in February, according to the organization's Wednesday report.
The
decline of OPEC's crude oil production is in line with OPEC and
Russia's decision to extend the output cut deal in 2018 to boost
flagging oil prices.
In February, output in non-OPEC countries reached 66.01 mb/d up by 450 thousand b/d from January levels.
The
share of OPEC crude oil in total global production was a drop of 0.2
percent to 32.8 percent in February, compared with January.
However, world oil supply increased by 37 thousand b/d in February to average 98.20 mb/d compared to January.
According
to the organization, crude oil output increased the most in Nigeria
with 24.9 thousand b/d, Angola with 17.1 thousand b/d and Libya with 9.9
thousand b/d, while production showed declines in Venezuela with 52.4
thousand b/d, U.A.E. with 34.3 thousand b/d and Iraq with 25.5 thousand
b/d.
For 2018, oil demand growth is
anticipated to be around 1.60 mb/d and global oil demand is now expected
to reach 98.60 mb/d, marginally higher than last month’s assessment.
OPEC
crude for 2018 crude was revised down by 0.2 mb/d from the previous
report to stand at 32.6 mb/d, 0.2 mb/d lower than the level in 2017.
Crude production is expected to reach almost 33.5 mb/d in the second
half of the year.
"In 2018, world oil
demand is anticipated to rise by 1.60 mb/d to average 98.63 mb/d,
marginally higher than last month's assessment. Most of the oil demand
growth is anticipated to originate from Other Asia, led by China,
followed by India and then by OECD Americas. Similar to 2017, the OECD
region saw an upward revision by 20 thousand b/d in the first quarter of
2018 amid solid initial data for OECD Americas.
Additionally,
in the non-OECD region, oil demand growth projections were adjusted
higher by 20 thousand b/d in the first quarter of 2018 compared with
last month’s report, mainly reflecting the solid pace of growth for
India in January 2018," the report said.
According
to the report, the number of world oil rigs, a sign for future
production potential, increased to 2,351 while OPEC's share of the total
world oil rig count amounted to 575.
(Anadolu Agency)