OPEC+ Oil Production in November Above Quotas by 680,000Bpd
International Energy Agency (IEA) prepared its regular outlook for global energy markets.
The OPEC+ countries that participate in the oil deal have increased output by 80,000 barrels per day to 34.4 million barrels per day in November, producing 680,000 barrels per day above quotas, the International Energy Agency (IEA) said in its fresh report on Thursday.
"The 18 OPEC+ members subject to quotas pumped 34.4 mb/d of crude in November, 680 kb/d above their implied target and up 80 kb/d m-o-m," the report read.
OPEC has upgraded its forecast for the oil production growth in 2024 outside the organization by 70,000 barrels per day to 1.3 million barrels per day and expects the output to average at 53.1 million barrels per day, the organization said in its fresh report on Wednesday.
In its November report, OPEC expected a growth of 1.23 million barrels per day, while in the December forecast, it was increased by 70,000 barrels per day.
"Non-DoC liquids supply (i.e. liquids supply from countries not participating in the DoC) is expected to grow by 1.3 mb/d in 2024 to average 53.1 mb/d," the report read.
The OPEC+ countries that participate in the oil deal have increased output by 323,000 barrels per day to 40.7 million barrels per day in November, producing 222,000 barrels per day below quotas, OPEC said in its fresh report on Wednesday.
According to the tables in the report, the 18 member countries of the alliance, which have quotas, produced about 40.665 million barrels per day in November.
OPEC+ members produced 222,000 barrels per day less oil in November than agreed under the deal, taking into account voluntary cuts and compensation plan, the report added.
The International Energy Agency (IEA) believes that Russia decreased oil production in November by 10,000 barrels per day to 9.25 million barrels per day, exceeding the OPEC+ oil deal target by 270,000 barrels per day, the organization's fresh report said on Thursday.
"Russian supply stayed relatively flat in November to 9.25 mb/d. Russian total oil exports dropped by 120 kb/d m-o-m to 7.33 kb/d in November, with crude down 100 kb/d and products 20 kb/d lower," the report read.
OPEC has decided to downgrade its forecast for the global oil demand growth in 2024 by 210,000 barrels per day to 1.6 million barrels per day, according to its new report released on Wednesday.
"The global oil demand growth forecast for 2024 stands at a healthy 1.6 mb/d, y-o-y, revised down by 210 tb/d from the last month’s assessment," the report read.
In 2025, the demand is expected to grow by 1.4 million barrels per day to 105.3 million barrels per day.
The commercial oil stocks in the Organization for Economic Co-operation and Development (OECD) decreased by 22.3 million barrels in October and were below the five-year average by 93.2 million barrels, according to OPEC's fresh report published on Wednesday.
"Preliminary October 2024 data shows total OECD commercial oil stocks down by 22.3 mb, m-o-m. At 2,777 mb, they were 15.5 mb lower than the same time a year ago, 93.2 mb less than the latest five-year average, and 168.7 mb below the 2015–2019 average. Within the components, crude stocks rose by 7.9 mb, m-o-m, while product stocks fell by 30.2 mb, m-o-m," the report read. – Source: Sputnik –