How Did OPEC’s Crude Oil Production Trend in August 2016?



OPEC members

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 Reuters, OPEC members’ crude oil production figures for August 2016 are as follows:

  • Algeria: fall of 10,000 bpd to 1.1 MMbpd in August 2016 over July
  • Angola: rise of 30,000 bpd to 1.8 MMbpd in August over July
  • Ecuador: flat at 55,000 bpd in August 2016
  • Gabon: rise of 10,000 bpd to 220,000 bpd in August over July
  • Indonesia: flat at 74,000 bpd in August 2016
  • Iran: flat at 3.6 MMbpd in August 2016
  • Iraq: rise of 30,000 bpd to 4.3 MMbpd in August over July
  • Kuwait: rise of 10,000 bpd to 2.9 MMbpd in August over July
  • Nigeria: fall of 50,000 bpd to 1.5 MMbpd in August over July. For more, read the next part of this series.
  • Saudi Arabia: rise of 30,000 bpd to 10.7 MMbpd in August over July. For more information, read Saudi Arabia’s Crude Oil Production Rose to an All-Time High.
  • UAE: rise of 40,000 bpd to three MMbpd in August over July
  • Venezuela: fall of 20,000 bpd to 2.3 MMbpd in August over July

EIA’s crude oil production estimates

The EIA (U.S. Energy Information Administration) estimates that OPEC’s crude oil production will rise to 32.4 MMbpd in 2016 and 33.1 MMbpd in 2017. OPEC’s crude oil production was at 31.6 MMbpd in 2015. The rise in crude oil production from OPEC will have a negative impact on crude oil prices.

Lower crude oil prices impact the margins of producers like Saudi Aramco, Oman Oil Company, Bill Barrett (BBG), and Bonanza Creek Energy (BCEI). The ups and downs in oil prices also impacts ETFs and ETNs including the VelocityShares 3X Inverse Crude Oil ETN (DWTI), the ProShares UltraShort Bloomberg Crude Oil ETF (SCO), the Fidelity MSCI Energy (FENY), the ProShares Ultra Oil & Gas (DIG), and the Vanguard Energy ETF (VDE). 

For more bullish drivers, read Why Did Russia’s Crude Oil Production Fall? In the next two parts of this series, we’ll analyze some key bullish drivers of crude oil prices.


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