OPEC’s crude oil production was 27.45 million barrels per day in August, according to the group’s latest Monthly Oil Market Report (MOMR) published on Tuesday.
Kuwait aims to boost the country’s oil production capacity to 3.5 million barrels per day in 2030
“OPEC’s output is still undershooting the targeted amount by almost 800,000 bpd mainly because Nigeria and Angola lack the capacity to pump as much as their agreed level.”
OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday.
The United Arab Emirates has announced that it will not join Saudi Arabia in making voluntary oil production cuts, claiming that the cuts by the Saudis are enough to balance the markets.
OPEC tends to live in the public mind as a monolithic, unshakeable structure—except when oil prices drop. Yet the group is not as homogenous or, indeed, unanimous as it may see. And its members’ different interests may, at some point, threaten its survival.
Haitham Al Ghais, Secretary-General of the Organisation of the Petroleum Exporting Countries (OPEC), highlighted the importance of promoting dialogue in the global energy scene, with the participation of both developed and developing nations, as well as all stakeholders.
Reports of Iran/U.S. talks have surfaced repeatedly over the last couple of years, spooking the markets each time it’s suggested that Iran’s oil could return to the market. But Iran’s crude oil does add a mystery element to the oil markets that transcends demand forecasts.
OPEC last week underlined that Asia’s continued strong economic growth would account for virtually all the growth in demand for oil this year.
Nigeria’s rising crude oil production has reduced the declining output by the other member countries of the Organisation of Petroleum Exporting Countries (OPEC), a survey has shown.