Stock market quotes, forex, financial news, forex tools – money-investing.com

OPEC: monthly oil market report

 Breaking News
  • ECB did not change interest rates The European Central Bank has held a meeting, at which decided to keep the base interest rate at the current level. The interest rate on deposits has remained the same...
  • Saxo Bank’s shocking outlook for 2019 Saxo Bank has made a shocking forecast for 2019.  Saxo Bank chief economist Steen Jakobsen commented: “We find the forecast rather interesting and intriguing. It enables investors to keep an...
  • Technical Analysis for 9/11/2016 EUR / USD – EURO US DOLLAR Before the results of the president election in the USA are announced, the currency pair EUR/USD becomes more stable and is consolidated around...
OPEC: monthly oil market report
April 12
10:00 2017

According to the monthly report, forecasts for oil consumption for 2017 have changed. At the moment, OPEC estimates the average level of oil consumption at 96.32 million barrels per day. Thus, in comparison with the previous forecast, consumption expectations have increased by 10.000 barrels per day.

OPEC assumes that the increase in consumption is associated with an increase in oil purchase by China and India. Only the countries of the Asia-Pacific region that are members of the Organization for Economic Cooperation and Development (OECD) are expected to show decline in demand.

OPEC also has reported how the countries that are the members of the cartel are implementing an agreement on the reducing oil production. The figures confirm that the agreement is being implemented and even overfulfilled (in March, oil producers cut the production by 4% more than agreed). In absolute terms, this means that the decline in production had to be brought to 1.165 million barrels per day. The actual decline in production amounted to 1.206 million barrels per day.

The main burden of fulfilling the obligations regarding the decline in reduction by OPEC has been placed on the shoulders of Saudi Arabia. The Kingdom announced a decrease in production by 111,000 barrels per day. At present, Riyadh produces 9.9 million barrels per day.

The total oil production by OPEC countries in March was 31.928 million barrels per day. This is 153 thousand barrels per day less than in February.

 

The material was prepared with the participation of  Vladimir Haritonov,
a leading analyst of the brokerage company VOSPARI.

Related Articles

4 Comments

  1. Albert
    Albert April 26, 09:26

    Hello Daniel,Each vendor has their own requirements for the personnel they would like to hire. When you visit their booth, they will inform you about the requisite qualifications for the various roles they have open. We also suggest that all visitors to the Fair walk with a CV highlighting their experience and education to leave with the hiring managers.

    Reply to this comment
  2. http://reviewbrokers.weebly.com/blog/brokers-station-review
    http://reviewbrokers.weebly.com/blog/brokers-station-review May 10, 02:39

    Hi there, after reading this remarkable post i am also
    glad to share my knowledge here with mates.

    Reply to this comment
  3. Hye  
    Hye   May 25, 11:08

    Oh my goodness! Incredible article dude! Many thanks, However I am having problems with your RSS. I don’t know the reason why I cannot subscribe to it. Is there anybody else getting similar RSS problems? Anybody who knows the answer will you kindly respond? Thanx!!

    Reply to this comment
  4. Herma Kung
    Herma Kung June 10, 23:56

    Like this and also would like to share other details

    Reply to this comment

Write a Comment