The total petroleum production will average 98.9MMbbl/d in the 2nd half of 2021, a decline from last month’s forecast of 99.4MMbbl/d.
- The US Energy Information Administration revised down its estimates for global petroleum production in 2021 because of a lower production forecast from OPEC, which is slightly offset by higher output forecast from Russia.
- EIA projects that the global petroleum production next year will hover around 101.8MMbbl/d that is 20,000 b/d lower than EIA’s July STEO.
- On July 18, OPEC+ agreed to increase monthly crude oil production at the start of August 2021. The recent agreement calls for total OPEC+ crude oil production to increase by 400,000 b/d each month.
- But, OPEC+ extended the production deal to include monthly meetings through the end of 2022 that it can adjust the output targets as necessary.
In the August STEO, EIA projects that OPEC’s total petroleum production will average 33MMbbl/d in the second half of the year, down 600,000 b/d from the July forecast for the same period. OPEC is likely to raise production to meet the rising global demand.
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