OPEC Revises Down Forecast For US Oil Production In 2020 To 11.37Mbd - Report

MOSCOW (Pakistan Point News / Sputnik - 11th November, 2020) The Organization of the Petroleum Exporting Countries (OPEC) slightly revised down forecast for US crude oil production in 2020 by 80,000 barrels a day (mbd) to an average of 11.37 mbd, the cartel said in a monthly report on Wednesday.

"US crude oil production in 2020 is expected to decline by 0.87 mb/d to average 11.37 mb/d, revised down by 0.08 mb/d m-o-m. Tight crude is projected to decline by 0.44 mb/d to average 7.33, production from the GoM is forecast to drop by 0.25 mb/d to average 1.64 mb/d, and onshore conventional crude is forecast to decline by 0.19 mb/d to average 2.41 mb/d," the report read.

At the same time, the global oil production in October fell by 9.25 mbd year-on-year, but on a monthly basis increased by 0.5 mbd to 91.17 million barrels a day, according to OPEC.