Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 20/09/2020 21:23 
12.08.2020 17:26 News >> Global Oil Production Increases In July 2020

Global Oil Production Increases In July 2020

Global oil demand in 2020 is estimated to be 9.06 million barrels a day lower than last year.

Global liquids production in July increased significantly by 1.29 million barrels per day (bpd) to average 88.75 million bpd, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.
In July, OPEC crude oil production rose by 980,000 bpd month-over-month to average 23.17 million bpd, according to secondary sources "ing from OPEC's Monthly Oil Market Report for August.
Non-OPEC liquids production in July, including OPEC non-gas liquids (NGLs) and non-conventional liquids, is estimated to have increased by 310,000 bpd from the previous month to average 65.58 million bpd.
As a result, the share of OPEC crude out of total global production increased by 0.7 percentage points to 26.1% in July relative to the previous month.
Saudi Arabia was the country among OPEC members that raised its crude oil production most in July from the previous month with an increase of 866,000 bpd to climb above 8.4 million bpd.
The United Arab Emirates (UAE), Kuwait and Iraq were the other OPEC members that saw their crude oil production levels increase the most in July.
While the UAE saw its crude output jump by 98,000 bpd to approximately 2.43 million bpd last month, Kuwait's crude production rose by 73,000 bpd to almost 2.16 million bpd, and Iraq's output increased by 39,000 bpd to more than 3.75 million bpd.
Oil demand to rise in 2021
Global oil demand in 2020 is estimated to be 9.06 million bpd, or 9.09%, lower than 2019 to average 90.63 million bpd this year. However, it is expected to increase by 7 million bpd, or 7.72%, next year to average 97.63 million bpd in 2021.
"The forecast assumes that COVID-19 will largely be contained globally, with no further major disruptions to the global economy," OPEC said in its report.
However, it added that "the global economic growth forecast for 2020 is revised down to -4.0%, compared to last month's forecast of -3.7%, following a further negative impact from the COVID-19 pandemic."
Demand for OPEC crude in 2021 is anticipated to average 29.3 million bpd in 2021 -- around 5.9 million bpd higher than the average of 2020.
The COVID-19 pandemic, which began in the first quarter of 2020, has quickly spread around the world, causing a recession in the global economy as well as an unprecedented shock in global oil demand, leading to a large supply glut on the oil market. -



        Latest News
Qatar Affirms Its Position On Palestinian Issue -1 minutes ago...
Ending Israeli occupation, establishing Palestinian state with Jerusalem as capital essential to end conflict, says Doha.
Ligue 1: Paris Saint-Germain Hammer Nice 3-0 -16 minutes ago...
Kylian Mbappe, Angel Di Maria and Marquinhos' score a goal each.
Turkey Reports 1,519 New Coronavirus Cases -1 minutes ago...
1,116 patients recover from COVID 19 in past 24 hours, says Health Ministry.
D-8, World Tourism Forum Institute Ink Agreement 14 minutes ago...
WTFI aims to increase tourist traffic among D 8 members by 50%
6 Bodies Recovered From River In Uganda -16 minutes ago...
Among deceased is a mother and her year old baby, police say.

 
      Top News
Espionage Charges Against Indian Journalist 'False' Espionage Charges Against Indian Journalist 'False'
Dozens Of Israeli Settlers Storm Al-Aqsa Complex Dozens Of Israeli Settlers Storm Al-Aqsa Complex
India Arrests Journalist, Chinese Woman For 'Espionage' India Arrests Journalist, Chinese Woman For 'Espionage'
Turkey: Ex-Premier Tests Negative For Virus Turkey: Ex-Premier Tests Negative For Virus
Erdogan Greets Jewish Community On Rosh Hashanah Erdogan Greets Jewish Community On Rosh Hashanah
Congress Rejects Motion To Impeach Peruvian President Congress Rejects Motion To Impeach Peruvian President
Nigerian Forces Kill 16 Boko Haram Terrorists Nigerian Forces Kill 16 Boko Haram Terrorists
Turkey Rejects Allegations Against Syrian Opposition Turkey Rejects Allegations Against Syrian Opposition
Hamas Discusses Palestinian Cause With Resistance Group Hamas Discusses Palestinian Cause With Resistance Group
France Registers Over 10,500 New Coronavirus Cases France Registers Over 10,500 New Coronavirus Cases