How Did OPEC Members’ Crude Oil Production Trend in September?
Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Gabon, the UAE (United Arab Emirates), and Venezuela are members of OPEC (Organization of the Petroleum Exporting Countries).
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OPEC members’ production
According to OPEC’s Monthly Oil Market Report, OPEC members’ crude oil production figures for September 2016 are as follows:
- Algeria: a fall of 1,400 bpd (barrels per day) to 1.1 MMbpd (million barrels per day)
- Angola: a fall of 141,000 bpd to 1.8 MMbpd
- Iran: a rise of 21,400 bpd to 3.6 MMbpd
- Iraq: a rise of 105,000 bpd to 4.5 MMbpd
- Kuwait: a rise of 16,300 bpd to 2.9 MMbpd
- Nigeria: a rise of 95,300 bpd to 1.5 MMbpd
- Saudi Arabia: a fall of 87,500 bpd to 10.5 MMbpd
- UAE: a rise of 17,900 bpd to 3 MMbpd
- Venezuela: a fall of 18,000 bpd to 2.1 MMbpd
For more information, read Iran’s Crude Oil Production Could Impact the Crude Oil Market and Will Saudi Arabia’s Crude Oil Production Strategy Work?
EIA’s crude oil production estimates
The EIA estimates that OPEC’s crude oil production will rise to 32.4 MMbpd in 2016 and 33 MMbpd in 2017. OPEC’s crude oil production averaged 31.8 MMbpd in 2015, according to EIA data. The rise in OPEC’s crude oil production could have a negative impact on crude oil prices.
Volatility in oil prices also impacts ETFs and ETNs like the VelocityShares 3X Inverse Crude Oil ETN (DWTI), the ProShares UltraShort Bloomberg Crude Oil ETF (SCO), the iShares Global Energy ETF (IXC), the Direxion Daily Energy Bear 3x (ERY), the ProShares Ultra Oil & Gas (DIG), the Fidelity MSCI Energy (FENY), and the Vanguard Energy ETF (VDE).
Read Analyzing Russia’s Crude Oil Production to learn more about bearish drivers. In the next part of this series, we’ll look at China’s crude oil import and demand.