Views: Visits 7 The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day. “According to secondary sources, total OPEC-13 crude oil production averaged 25.08 mb/d in April 2021, up by 0.03 mb/d m-o-m. “Crude oil output increased mainly in Nigeria, IR Iran, and Saudi Arabia, while production decreased primarily in Venezuela, Libya and Angola,’’ OPEC said in its monthly report released on Tuesday. ALSO READ: Don’t cry for Dare, he is resting in glory, Pastor Adeboye reacts to son’s death According to the report, non-OPEC liquids output including OPEC NGLs in April fell by 0.18 million barrels per day month to month, to an average of 67.97 million barrels per day (down by 1.16 million barrels ye
OPEC sticks to 2021 oil demand growth forecast despite Indian COVID crisis
OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group’s plan to gradually ease output cuts.
The Organization of the Petroleum Exporting Countries expected demand to rise by 5.95 million barrels per day (bpd) this year, or 6.6%, its forecast unchanged from last month.
The oil organisation, however, cut its demand forecast for the second quarter by 300,000 bpd.
“India is currently facing severe COVID-19-related challenges and will therefore face a negative impact on its recovery in the second quarter, but it is expected to continue improving its momentum again in the second half of 2021,” OPEC said in its monthly report.
Provided by Dow Jones By David Hodari American oil production is set to drop again this year, with the shale industry s output showing few signs of recovery despite a broader pickup in economic activity, the Organization of the Petroleum Exporting Countries said Tuesday. In its closely-watched monthly market report, OPEC cut its forecast for the amount it expects production from its noncartel counterparts to increase in 2021 by 200,000 barrels a day to 700,000 barrels a day. Canada, Norway, Brazil, and China will drive that overall increase, but persistently low capital expenditure and the unexpected winter storm Texas suffered in February mean U.S. supply is expected to fall by 100,000 barrels a day this year, after dropping 800,000 barrels a day last year, the cartel said.
Tuesday, 11 May, 2021 - 08:00
FILE PHOTO: General view of Riyadh city, after the Saudi government eased a curfew, following the outbreak of the coronavirus disease (COVID-19), in Riyadh, Saudi Arabia, June 21 2020. REUTERS/Ahmed Yosri Dubai - Asharq Al-Awsat
Saudi Arabia s economy shrank 3.3% in the first quarter from a year earlier, hit by oil output cuts, but the non-oil economy expanded 3.3%, recovering from the pandemic, according to government estimates on Monday.
The non-oil sector grew for the first time since the first quarter of 2020, the General Authority for Statistics in Saudi Arabia said in a statement. Government services also showed growth of 0.3% in the first quarter.
OPEC raises economic growth forecast
May 11, 2021 2:48:pm
Summary
by: Daniel Graeber
OPEC raises economic growth forecast
OPEC economists on May 11 raised their forecast for global economic expansion, pointing to stimulus measures in the US economy and acceleration in Asia as sources of strength.
After a 3.5% contraction from 2019 last year, economists at the Organisation of the Petroleum Exporting Countries raised their forecast for global expansion for 2021 by 0.1 percentage points to 5.5%. They cautioned, however, that growth is conditioned by the pace at which the COVID-19 pandemic is brought under control.
With robust growth expected in major economies such as the US and China, OPEC economists also worried that inflationary pressures could undermine growth.