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OPEC cuts October oil output at quickest pace over 6 months

November 12, 2014, 18:21 UTC+3 VIENNA
The OPEC’s November report says the memeber countries cut crude output by 226,400 barrels per day in October to 30.253 million barrels
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© AP Photo/Hasan Jamali

VIENNA, November 12. /TASS/. Saudi Arabia reduced oil output by 69,000 barrels per day in October to 9.603 million barrels, the lowest level over the past six months, leading oil output cuts among the OPEC countries, the organization said on Wednesday.

The OPEC’s November report says the memeber countries cut crude output by 226,400 barrels per day in October to 30.253 million barrels. The OPEC’s oil output cut rate was the highest since March 2014.

Meanwhile, the OPEC has kept unchanged its forecast for the global demand for oil at 91.19 million barrels per day in 2014 and 92.38 million barrels per day in 2015. The outlook for the global demand for oil produced by the OPEC was left unchanged at 29.5 million barrels per day in 2014 and 29.2 million barrels per day in 2015.

The OPEC said in its annual World Oil Outlook on November 6 that it expected annual oil demand growth by an average of 1 million barrels per day by 2019.

The OPEC expects global oil consumption to rise by 21 million barrels per day, or about 23%, by 2040 compared with 2013 to reach 111 million barrels per day.

Oil demand will rise noticeably in India and China while developing other Asian countries will account for 71% of the demand increase in developing countries, the OPEC said.

Asia-Pacific crude oil imports are expected to increase by 11 million barrels per day between 2013 and 2040 to almost 30 million barrels per day by 2040.

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