OPEC countries, under the current rules, are increasing oil production by 400,000 bpd per month, this plan will remain in force until October
MOSCOW, September 13. /TASS/. OPEC oil exporters lowered their forecast for 2021 for the volume of oil supply from non-OPEC countries by 170,000 barrels per day (bpd), one of the reasons being Hurricane Ida in the United States, according to the September OPEC report.
The forecast was revised mainly due to the expectations for supplies in Q3 of 2021, in which the supply of oil may be 500,000 barrels per day lower than expected. “Non-OPEC liquids supply growth in 2021 is revised down by 0.17 mb/d from the previous month’s assessment, due to a downward adjustment of 0.5 mb/d in 3Q21. The revisions are mainly due to outages in North America from a fire on a Mexico’s offshore platform and the disruptions caused by Hurricane Ida,” the report said.
The OPEC+ agreement to cut oil production involves 10 of the 13 members of the OPEC, as Iran, Libya, and Venezuela are exempt from restrictions. In August, the production of the parties to the deal amounted to 22.59 mln bpd against 23.286 mln bpd as stipulated by the terms. In total, in August, the ten countries from OPEC were able to remove from the market 4.1 mln bpd to the base level in the agreement instead of 3.397 mln bpd. Thus, the terms of the deal were fulfilled by 121%.
OPEC countries, under the current rules, are increasing oil production by 400,000 bpd per month, this plan will remain in force until October. The decision for November will be taken at the ministerial meeting on October 4.