Opec's oil production has suffered a lot due to a huge reduction in oil production by Venezuela and Saudi Arabia. OPEC said in a report released on Wednesday that the combined output of the organization has decreased by 5 million 34 thousand barrels in March.
OPEC does not release its own production figures. In Venezuela due to political crisis in the Venezuelan state, US sanctions and frequent power outages (black out), oil production decreased by 2 million 89 thousand barrels per day compared to the previous month. The average production of crude oil is 7 lakh 32 thousand barrels per day.
It is notable that in the beginning of this year, Venezuela was producing more than 10 million barrels of oil over the day. In 2017, the total production capacity of the country was 20 million barrels. Meanwhile Saudi Arabia has cut 3,24,000 barrels in daily production. Meanwhile, on Thursday, Brent crude was trading around half a percent and around $ 71 a barrel. At the same time, US West Texas Intermediate (WTI) crude was trading around $ 64.26 a barrel with a reduction of half a cent. This year, Brent has seen a 30 percent jump, while WTI has grown 40 percent. Last year, OPEC had announced 12 million barrels per day (BPD) cut in supply, which is still going on.
Along with U.S. sanctions on Iran and Venezuela, the supply of crude oil has decreased. Apart from this, supply in Libya can get support from the house ahead of the supply disrupted. There is a fight in the rebel army army and the army of the country in Libya.
However, there is an estimated reduction in the demand for crude oil in the global economy by the indication of sluggishness. In fact, the International Monetary Fund released its Tuesday on Tuesday to cut the forecast of global economic growth. It is believed that the demand for crude oil will come down in the coming days.
For more information Top 10 Stock Advisory Company Indore
 |
| Opec's oil production |
OPEC does not release its own production figures. In Venezuela due to political crisis in the Venezuelan state, US sanctions and frequent power outages (black out), oil production decreased by 2 million 89 thousand barrels per day compared to the previous month. The average production of crude oil is 7 lakh 32 thousand barrels per day.
It is notable that in the beginning of this year, Venezuela was producing more than 10 million barrels of oil over the day. In 2017, the total production capacity of the country was 20 million barrels. Meanwhile Saudi Arabia has cut 3,24,000 barrels in daily production. Meanwhile, on Thursday, Brent crude was trading around half a percent and around $ 71 a barrel. At the same time, US West Texas Intermediate (WTI) crude was trading around $ 64.26 a barrel with a reduction of half a cent. This year, Brent has seen a 30 percent jump, while WTI has grown 40 percent. Last year, OPEC had announced 12 million barrels per day (BPD) cut in supply, which is still going on.
Along with U.S. sanctions on Iran and Venezuela, the supply of crude oil has decreased. Apart from this, supply in Libya can get support from the house ahead of the supply disrupted. There is a fight in the rebel army army and the army of the country in Libya.
However, there is an estimated reduction in the demand for crude oil in the global economy by the indication of sluggishness. In fact, the International Monetary Fund released its Tuesday on Tuesday to cut the forecast of global economic growth. It is believed that the demand for crude oil will come down in the coming days.
For more information Top 10 Stock Advisory Company Indore
No comments:
Post a Comment