OPEC OUTPUT REDUCED DUE TO LOW OIL SUPPLY FROM NIGERIA, ALGERIA AND OTHERS

OPEC crude output for the month of October dropped by 80,000 barrels per day due to low supply from Nigeria, Algeria, Iraq and Venezuela.

According to the International Energy Agency (IEA), November’s Oil Market Report (OMR), The drop in OPEC’s crude output was as a result real interruptions in Iraq where shipments from the North fell by an estimated 170 kb/d in October, as well as lower production in Algeria, Nigeria, and Venezuela.

According to the November OMR, which was released alongside the World Energy Outlook (WEO) 2017, recently, “output of 32.53 mb/d, the lowest since May, was down 830 kb/d from the record rates seen a year ago.”

The WEO 2017 also noted that global needs for energy would rise by 30 percent between now and 2040, which will be equivalent to adding another China and India to today’s global demand.