Daily Oil Production of OPEC Declined
On Wednesday, OPEC (Organization of the Petroleum Exporting Countries) claimed that its daily oil production in October declined to 30.25 million barrels by 226.4 thousand barrels.
Oil production of OPEC declining was caused by oil production reduction in Saudi Arabia. OPEC claimed that in October, oil production in Saudi Arabia reduced to 9.6 million barrels by 69.9 thousand barrels. OPEC published those data in its monthly oil market report. These data of OPEC was based on secondary data coming from oil transportation tracking institutions, energy enquiry agencies and other organizations.
An insider disclosed that daily oil production in Saudi Arabia declined by 100 thousand to 150 thousand barrels. He also expressed that daily oil production in Saudi Arabia was about 95.5 million barrels to 96 million barrels last moth while daily oil production was 97 million barrels in September.
OPEC did not express why Saudi Arabia reduced production.
Under the circumstance that oil price falling, observers on oil market are keeping eye on oil production in Saudi Arabia. They hope to find the indications that Saudi Arabia reduced oil production. The monthly production fluctuating may be affected by several factors, such as maintenance and policy adjustment.
OPEC has agreed to treat 30 million barrels of daily production as objective. It is estimated that the organization will discuss the objective on meeting which will be held on November 27.
Oil production of OPEC in October almost matches with the estimation of OPEC on market demands in the fourth quarter. The organization predicts that daily oil demand is 30.15 million barrels in the fourth quarter.
Oil production of OPEC declining was caused by oil production reduction in Saudi Arabia. OPEC claimed that in October, oil production in Saudi Arabia reduced to 9.6 million barrels by 69.9 thousand barrels. OPEC published those data in its monthly oil market report. These data of OPEC was based on secondary data coming from oil transportation tracking institutions, energy enquiry agencies and other organizations.
An insider disclosed that daily oil production in Saudi Arabia declined by 100 thousand to 150 thousand barrels. He also expressed that daily oil production in Saudi Arabia was about 95.5 million barrels to 96 million barrels last moth while daily oil production was 97 million barrels in September.
OPEC did not express why Saudi Arabia reduced production.
Under the circumstance that oil price falling, observers on oil market are keeping eye on oil production in Saudi Arabia. They hope to find the indications that Saudi Arabia reduced oil production. The monthly production fluctuating may be affected by several factors, such as maintenance and policy adjustment.
OPEC has agreed to treat 30 million barrels of daily production as objective. It is estimated that the organization will discuss the objective on meeting which will be held on November 27.
Oil production of OPEC in October almost matches with the estimation of OPEC on market demands in the fourth quarter. The organization predicts that daily oil demand is 30.15 million barrels in the fourth quarter.
