Saudi crude oil output drops to 10.55 mbd in December 2018: OPEC

17/01/2019 Argaam

 

Saudi Arabia’s crude oil production in December 2018 declined by 468,000 barrels per day (bpd) from the previous month to average 10.55 million barrels per day (mbd), the Organization of Petroleum Exporting Countries (OPEC) said in its latest monthly oil market report on Thursday.

 

Total OPEC-14 preliminary crude oil production averaged 31.58 mbd in December, a decrease of 751 thousand bpd over the previous month, the OPEC report said.

 

“Crude oil output decreased mostly in Saudi Arabia, Libya, Iran and UAE, while production rose in Iraq,” monthly oil market report for January 2019 noted.

 

In 2019, world oil demand is forecast to rise by 1.29 million barrels per day (mbd) to reach 100.08 mbd for the year. Oil demand growth is expected to originate mainly from Other Asia, led by India, followed by China and OECD Americas, OPEC report said.

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