BAKU, Azerbaijan, Aug.18
By Leman Zeynalova – Trend:
OPEC+ crude oil production is expected to stand at 37.663 million barrels per day in 2021, as compared to 37.866 million barrels per day as of 2020, Trend reports with reference to the US JP Morgan Bank.
OPEC+ quarterly crude production in 2021 is estimated as follows: 36.139 million bpd in Q1, 36.732 million bpd in Q2, 38.285 million bpd in Q3 and 39.453 million bpd in Q4.
JP Morgan’s report says that OPEC+ produced 36.533 million bpd in January 2021, 35.693 million bpd in February, 36.147 million bpd in March, 36.371 million bpd in April, 36.710 million bpd in May, 37.117 million bpd in June, 37.906 million bpd in July. The forecasts for the rest of the year are as follows: 38.283 million bpd in August, 38.679 million bpd in September, 39.062 million bpd in October, 39.461 million bpd in November and 39.837 million bpd in December.
At the 19th meeting of the ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, the participants supported the decision to extend the "Declaration of Cooperation" until the end of 2022.
The new agreement calls for a reduction from 5.8 million barrels in OPEC + countries to 2 million barrels by the end of 2021.
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