Under the Opec/non-Opec production agreement struck in November 2016, Iraq was given an allocation of 4.35 mbpd
. However, it has never fully complied with that reduction, producing and exporting as much as it can.
''World oil demand growth in 2017 was estimated to increase by 1.60 mbpd
, representing an upward adjustment of some 30,000 b/d compared to last month's projections, mainly to reflect the continuing better-than-expected data in OECD Europe in 3Q17," reported Emirates news agency Wam, citing the MOMR.
"According to OPEC data, global demand in Q3 2014 increased by 1.4 mbpd
, year-on-year, with 1.5 mbpd
of increases from non-OECD countries and a drop of 0.1 mbpd
in OECD countries.
A county like Saudi Arabia, with oil production capacity of 12.5 mbpd
and big reserves, sees that US shale oil is a booster option for oil trade and will have a limited impact on the traditional oil production techniques and, therefore, the OPEC countries will not change their current production ceiling, which stands at 30 mbpd
, he noted.
For 2013, it forecast 89.66 mbpd
, with slow growth at the beginning of the year picking up in the second half, OPEC said.
With OPEC already cutting its crude production by 0.65 mbpd
since October, to 30.64 mbpd
in December, the cartel has moved reduce supplies and cede market share to rising North American production.
The survey suggests the 12-member group is still producing over a million barrels per day more than its target of 30 mbpd
Al Zour is a cornerstone of Kuwait's development of its broader downstream capabilities, which will include more than doubling the refinery capacity of the state-owned Kuwait National Petroleum Co (KNPC) to 2 mbpd
by 2035 as part of a $25 billion spending plan.
Non-OECD economies will contribute 1.24 mbpd
of the demand growth expected in 2018, reported Emirates news agency Wam.
According to OPEC data, global demand in Q2 2014 increased by 1 mbpd
year-on-year with 1.2 mbpd
increase from non-OECD countries and a drop of 0.2 mbpd
in OECD countries.
World oil demand this year was expected to reach 88.80 million barrels per day (mbpd
), up from 88.04 mbpd
in 2011, the Organisation of Petroleum Exporting Countries (Opec) said in its monthly report, repeating the same figures as it had given in November.