OPEC countries will continue to increase the total volume of oil production. For example, in October production of the 'black gold' increased by an average of 0.11 million barrels per day and amounted to 31.57 million barrels per day. According to the report of the cartel, companies of Iran, Nigeria and the United Arab Emirates played the most important role in the increase of production, while Saudi Arabia, on the contrary, has reduced turnover of development of fields, which has led to a drop in production levels by 48 thousand barrels per day.
Analysts of the cartel believe that, despite the continuing oversupply of oil on the market, demand for oil extracted by OPEC in 2015 will amount to 29.6 million barrels per day. It should be noted that these forecasts are higher than figures of crude oil produced in 2014. It should also be noted that in 2016 OPEC suggests demand for its oil will be at the level of 30.8 million barrels per day.
Today quotas for oil production amount to 30 million barrels per day.
Experts of the American bank JP Morgan believe that by the end of 2015 OPEC can bring the level of oil production to 32 million barrels per day, and in 2016 it will reach a record high of 32.6 million barrels per day.
Analysts explain their forecast by the fact that Middle Eastern OPEC countries, especially Iran, Saudi Arabia and the UAE, have a spare capacity of 2.1 million barrels per day.
A number of experts assess this version of events positively because, in their opinion, the cartel's tactic to drive out other producers has borne fruit. We recall that OPEC did not support prices for falling oil in 2015, but on the contrary, increased its production, hoping eventually that this would lead to a reduction in oil production, especially in America, because companies that produce light shale oil will become unprofitable.
It is worth noting that in a recent report published by OPEC, the organization forecasts an increase in oil production in the CIS of 40 thousand barrels per day, which will amount to 13.59 million barrels per day. However, this increase will occur primarily due to Russia, while in Kazakhstan, Azerbaijan and other CIS countries it will be reduced.
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