OPEC crude oil production  

A Reuters survey suggests that OPEC’s (Organization of the Petroleum Exporting Countries) crude oil production rose 70,000 bpd (barrels per day) to 33.6 MMbpd (million barrels per day) in September 2016, compared to the previous month. OPEC’s crude oil production rose due to the rise in production from Iraq and Libya in September 2016. For more on the IEA’s (International Energy Agency) estimates on OPEC crude oil production, read the previous part of the series.

OPEC’s crude oil production averaged 31 MMbpd and 32 MMbpd in 2014 and 2015, respectively. 

OPEC’s Rising Production Is Biggest Bearish Driver for Oil Prices

EIA’s crude oil production estimates  

The EIA (U.S. Energy Information Administration) estimates that OPEC’s crude oil production will rise to 32.7 MMbpd in October 2016.

Rising OPEC crude oil production could have a negative impact on crude oil prices. Lower crude oil prices could have a negative impact on the earnings of oil and gas exploration and production companies like Swift Energy (SFY), Goodrich Petroleum (GDP), and PDC Energy (PDCE).

The ups and downs in crude oil prices also impact ETFs and ETNs such as the ProShares UltraShort Bloomberg Crude Oil (SCO), the Guggenheim S&P 500 Equal Weight Energy ETF (RYE), the ProShares Ultra Bloomberg Crude Oil ETF (UCO), and the United States Brent Oil ETF (BNO).

Impact on oil producers 

OPEC didn’t cap its production at its meeting on June 2, 2016. OPEC’s next meeting is scheduled for November 2016. For more, read part one of this series.

Next, we’ll take a look at OPEC members’ crude oil production in September 2016. We’ll also look at annual production estimates for the producers.

Latest articles

Berkshire Hathaway CEO Warren Buffett has spoken openly about his stock repurchasing strategy, calling it "simple arithmetic." How does he do it?

In a research note released yesterday, Apple (AAPL) analyst Ming Chi Kuo noted that more people from the US could choose the iPhone Pro than the iPhone 11.

Two Saudi Aramco crude oil facilities were attacked by Iran-backed Houthi rebels using drones. At 10:23 AM, Brent crude oil was trading up 11.2% at $67.

While tech stocks fell sharply in late 2018, they surged again in 2019. How could the market react if tech stocks post lower-than-expected earnings?

Today at 2:10 PM ET, the S&P 500 Index fell 0.3% as investors watched rising oil prices. The cannabis sector also fell today, as its ETFs traded in the red.

NVIDIA (NVDA) stock had fallen over 1% in today's trading session as of 10:50 AM ET. The stock was also down in premarket trading.