EIA: OPEC’s daily crude oil production will drop to 30.73 million barrels in 2019

According to Washington Energy Information, the U.S. Energy Information Agency (EIA) said Tuesday that by the end of this year, OPEC member countries’crude oil production is expected to fall below 3.73 million barrels a day, the lowest monthly output of the organization since February 2015.

In its January short-term energy outlook report, EIA said that the average daily crude oil production of OPEC member countries in 2018 was 32.92 million barrels, which was 150,000 barrels lower than the average daily crude oil production in 2017. OPEC’s daily crude oil production is expected to fall to 30.88 million barrels this year and to 30.9 million barrels by 2020.

The EIA said OPEC’s output cuts this year would be offset by a 2.4 million barrel-a-day increase in non-OPEC countries, particularly the United States and Brazil.

OPEC’s crude oil production in December averaged 33.38 million barrels a day, down 840,000 barrels from November. The latest S&P Global Prussian Energy Information Survey released last week showed that OPEC member countries produced 32.43 million barrels of crude oil a day in December, about 630,000 barrels less than in November.

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