OPEC oil output unchanged in 2nd quarter: EIA

Related Topics

WASHINGTON | Tue Aug 11, 2009 12:57pm EDT

WASHINGTON (Reuters) - The U.S. Energy Information Administration on Tuesday said its second quarter forecast for OPEC oil was largely unchanged from the first quarter at 28.7 million barrels per day.

In its August short-term energy outlook, the EIA lowered non-OPEC oil output forecast this year to 50.06 million bpd from 50.14 million bpd in its last forecast.

While output is expected to hold steady in the second quarter, it could rise later this year.

"The combination of higher prices and OPEC's historical tendency for weaker compliance with production targets over time suggests that OPEC crude oil production could rise over the remainder of the year, unless prices fall sharply from current levels," EIA said.

The Organization of the Petroleum Exporting Countries is scheduled to meet on September 9 to review market conditions and its production policy.

"Over the forecast period, higher output from Brazil, the United States, and the former Soviet Union is expected to offset falling production in Mexico and the North Sea," the agency said.

(Reporting by Russell Blinch; Editing by Lisa Shumaker)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.