OPEC reduced its daily production by 161,000 barrels in December
Bad news for the Organization of Petroleum Exporting Countries (OPEC), which rin December they cut production in 161,000 barrels of crude oil per day. The declines occurred mainly in Saudi Arabia, Iraq and United Arab Emirates, before the new production quotas that the cartel will have to assume as of January as part of its agreement to control the price of crude oil with other countries outside the organization.
The OPEC In his monthly report on the crude oil market he has detailed, citing secondary sources, that the pumping of the cartel in the last month of the year was of 29,444 million barrels per day, compared to 29,606 million a day in the month of November. OPEC's black gold production stood at 25.499 million barrels per day, without taking into account the production of Venezuela, Iran and Libya. This supposes, 438,000 less that those that the agency, based in Vienna, promised to produce as part of its agreement with other countries, such as Russia or Mexico.
The data reveal that as of January 1, the OPEC fee will be 25,057 million barrels per day. A figure that the organization can reach without making any modification in its pumping levels. This is because Ecuador, which produced more than half a million barrels per day in December, will no longer be part of the organization.
Saudi Arabia It was the producer that most contracted its pumping, up to 9,762 million barrels per day in the last month of the year, 111,000 less than in the previous one. In second place Iraq, which extracted 76,000 barrels less per day, up to 4,565 million and United Arab Emirates, whose daily production stood at 3,062 million barrels with 46,000 less. Reductions that were partially compensated by the pumping of Angola, which extracted 1.408 million barrels per day in the month of December, 125,000 more than the previous one.
The forecasts for 2020 warn that The organization will lose a market share equivalent to 1.2 million barrels per day. The cartel has decided to revise its forecast of OPEC black gold demand worldwide up to 29.5 million barrels per day. The Organization of Petroleum Exporting Countries has reached this conclusion after determining that world demand for crude oil will grow by 1.22 million barrels in the current year. While the offer of countries outside the cartel will rise by 2.38 million barrels per day.
Preliminary data for November suggest that OECD oil availability fell by 8.8 million barrels compared to the previous month, so the reserves totaled 2,920 million barrels of black gold. This figure is 17.5 million barrels above the average of the last five years and is 62.7 million higher than the data recorded the previous year. The level of reserves indicates that the OECD has oil available for 60.6 days, which represents 0.6 days less than the average of the last five years. In December, the average price of OPEC crude increased by $ 3.54, standing at $ 66.48 per barrel, due to market stabilization and the drop in tensions between the two giants, the United States and China.