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- OPEC crude oil production declined sharply year-on-year by 3.72 mb/d, or 12.7 per cent, while crude production by non-OPEC countries fell by 2.43 mb/d, or 5.3 per cent.
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Sep 30, 2021 · OPEC crude oil production declined sharply year-on-year by 3.72 mb/d, or 12.7 per cent, while crude production by non-OPEC countries fell by 2.43 mb/d, or 5.3 per cent. With an average of 90.73 mb/d in 2020, world oil demand was heavily impacted by the COVID-19 pandemic and fell by a historic 9.30 mb/d y-o-y.
Monthly Oil Market Report 2021. The OPEC Monthly Oil Market Report (MOMR) covers major issues affecting the world oil market and provides an outlook for crude oil market developments for the coming year.
Although many factors affect oil prices, the availability of surplus capacity has historically been linked to oil market tightness and changes in global oil prices, in part, because OPEC producers tend to withhold crude oil production during periods of low demand and when prices fall.
World oil production fell for the first time since 2009 by 6.6 million b/d in 2020 driven by both OPEC (-4.3 million b/d) and non-OPEC (-2.3 million b/d). Country wise, Russia (-1 million b/d), Libya (-920,000 b/d) and Saudi Arabia (-790,000 b/d).
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May 7, 2021 · Our analysis builds on a new methodology simulating counterfactual (i.e. what-if) outcomes in the rich context of state-of-the-art structural VAR models of the world oil market to empirically assess OPEC's contribution to oil markets and the global economy by quantifying the impact of OPEC's balancing role via its spare capacity cushion on the ...
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In 2023, for example, global oil demand expanded, year-on-year, by 2.6 million barrels of oil a day (mb/d) to reach an average of 102.2 mb/d. In addition, demand grew in almost every region, with the non-OECD leading the way.
