Total OPEC Basket Of 14 Crude Oil Production Averaged 32.75 Million Bpd In September, Price Stood At $54.23 A Barrel

Total OPEC Basket Of 14 Crude Oil Production Averaged 32.75 Million Bpd In September, Price Stood At $54.23 A Barrel 

The Organisation of Petroleum Exporting Countries, OPEC, crude oil output has risen from 32, 659 million barrel per day (bpd) to 32.748 million (bpd), showing an increase of 88,000 bpd or 0.3 percent in September 2017, Vanguard have learnt.

In its monthly oil market report released, yesterday, the organisation stated: ‘’The total OPEC basket of 14 crude oil production, according to secondary sources, averaged 32.75 million bpd in September, an increase of 88 tb/d over the previous month.

OPEC “Crude oil output increased in Libya, Nigeria, Iraq and Gabon, while production showed declines mainly in Venezuela. “Based on the current global oil supply/demand balance, OPEC crude in 2017 is estimated at 32.8 mb/d, around 0.6 mb/d higher than in 2016. 

Similarly, OPEC crude in 2018 is projected at 33.1 mb/d, about0.3 mb/d higher than in 2017. ‘’The price of OPEC basket of fourteen crudes stood at $54.23 a barrel on Tuesday, compared with $53.70 the previous day, according to OPEC Secretariat calculations. 

‘’The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

” The report also stated: “The economy of Nigeria came out of recession in second quarter of 2017 (Q2’17) following five quarters of downturn. 

The world’s major oil countries will almost certainly extend production cuts by a further nine months at a crunch meeting this week, though they are thought highly unlikely to toughen the curbs.