|Arab and international
Economy News _ Baghdad
World Petrolistics, which tracks OPEC supplies, has forecast that the Organization's oil production in the first quarter of 2018 would have fallen by 425,000 bpd compared with its average production in 2017.
The Organization of the Petroleum Exporting Countries (OPEC) has agreed to cut output by 1.2 million barrels per day (bpd) starting in January 2017 to reduce global inventories and boost prices. The agreement was extended until the end of 2018.
Petrolistics, which tracks the tankers, said in a statement that the Organization's 14 countries produced in the first three months of 2018 an average of 32.27 million barrels per day, down 425,000 barrels per day from the average daily supply of OPEC in 2017.
"The supply of the 14 OPEC countries in the first quarter of 2018 has fallen to the lowest level since the entry into force of the production restriction agreement some 15 months ago," the company said.
The compliance rate was high by Opec standards, with the sharp decline in Venezuela's output, which is falling amid an economic crisis.
Petrologistics, based in Geneva, is one of the consulting firms that estimate OPEC supplies by monitoring tanker shipments.
OPEC oil production is likely to drop by 425,000 bpd
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