OPEC crude output to average 29.6m barrels a day: EIA

Crude oil production from the Organization of the Petroleum Exporting Countries (OPEC) will average 29.6 million barrels per day (b/d) in 2020, down by 2.3 million b/d from 2018, according to a report released Tuesday by the US Energy Information Administration (EIA).

In its October Short-Term Energy Outlook, EIA also forecast that annual average OPEC crude oil production will average 29.8 million b/d in 2019, down by 2.1 million b/d from 2018.

Meanwhile, EIA estimated that crude oil production from OPEC averaged 28.2 million b/d in September, down by 1.6 million b/d from August, the lowest level of OPEC production since November 2003 as a result of the disruptions in Saudi Arabia, and down by 4.0 million b/d from September 2018.