OPEC expects lower oil production from its competitors
Date: 11/08/2016 11:35
Information / Baghdad ..
I expected the Organization of Petroleum Exporting Countries (OPEC), global oil demand growth in the next three years, in reference to the decision in 2014 to allow a drop of oil prices to reduce the production cost of top competitors such as US shale oil gives it a larger market share.
The organization said in its forecast for global oil demand in 2016 for its oil will reach 33.7 million barrels per day in 2019, an increase of one million barrels per day for 2016.
The report refers to the improved market outlook for the next few years from the point of view of OPEC, which accounts for a third of global oil supplies. In last year's report, the organization forecast lower demand for its crude to 30.7 million barrels in 2020.
The organization predicted the stability of demand for oil from 2019 to 2021 but will rise over the longer term.
The report said that global production of tight oil in 2020 will reach 4.55 million barrels per day and a peak in 2030 to 6.73 million barrels per day with the addition of Argentina and Russia for producers in North America.
In its report last year, OPEC output expected 5.19 million barrels per day in 2020 and 5.61 million barrels by 2030. Finished / 25 p.