OPEC crude production expected to decline

OPEC’s crude production will decline more than it previously expected in the near to medium term, according to a Wall Street Journal report.

In OPEC’s annual world oil outlook, the organization stated that its crude production would fall by 1.8 million barrels a day by the end of 2017 to 28.2 million barrels a day. WSJ said that, a year ago, OPEC had predicted a production decline of 1.1 million barrels a day for that period.

WSJ noted that OPEC, whose members will meet next on Nov. 27, may soon reduce its collective output ceiling.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...