The new OPEC+ deal, in which the countries of the cartel cut production by 800,000 barrels per day
and non-OPEC countries by 400,000 per day, was concluded on December 7, 2018.
Gross production of Cold Lake bitumen averaged 135,000 barrels per day
, up from 133,000 barrels per day
in the same period of 2018.
Other than Saudi Arabia and the UAE, the only other OPEC country that appears capable of lifting output to a meaningful degree is Kuwait, which appears poised to add an additional 100,000 barrels per day
to the cartel's total output.
If the United States covers the incremental new oil demand, we're left with the problem that stocks have been drawn down at a rate of 800,000 barrels per day
, and it doesn't appear that OPEC and Russia combined can lift production by that amount unless the decline in Venezuelan production is arrested.
"Output is running lower year over year by 30,000 barrels per day
in the year-to-September, which comes despite the Azeri-Chirag-Guneshli (ACG) field producing 24,000 barrels per day
(4 percent) more year over year," the report said.
crude oil consumption to average 9.3 million barrels per day
In its monthly oil market report, the Paris-based energy organization cut its forecast for the amount it expects oil demand to increase this year by 200,000 barrels per day
to just 700,000 barrels per day
The International Energy Agency (IEA) said world oil consumption would increase by 1.3 million barrels per day
(bpd) in 2014, 50,000 barrels per day
higher than previously forecast.
It is learnt that the region produces 8,000 barrels per day
and that too with existing long term could not make commercial viable a new refinery with 36,000 barrels per day
America has increased by more than two million barrels per day
(and by 37 percent), from 5.52 million barrels per day
in July 2011 to 7.55 million barrels per day
last week, and has completely reversed a multi-decade decline in U.S.
Opec member Kuwait has upped its crude production capacity by 100,000 barrels per day
to 3.1 million barrels per day
, the country's energy minister said in remarks published last week
Last week, Rostam Ghasemi, the Iranian oil minister, said that his country plans to increase its productive capacity of crude oil to about 5.5 million barrels per day
by March 2016 through investments estimated to be worth $ 400 billion.