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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According to OPEC’s Monthly Oil Market Report, OPEC members’ crude oil production figures for September 2016 are as follows:
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?
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.