Angola exports less oil but is earning more

OPEC has revised upwards its estimate of world oil demand for this year to 98.85 million barrels a day, up 1.7 percent, and predicts that "geopolitical" factors will continue to have an "impact" on offer.

The US withdrawal from the Iran nuclear deal, between other factors, "points to growing uncertainty", indicates the monthly report from the Organization of Petroleum Exporting Countries (OPEC), released in Vienna.

Analysts at the energy group also warn that "concerns potentially disruptive have increased", which can reach the world oil supply at a time when the barrel is in maximums since the end of 2014.

The new estimate of world oil consumption in 2018 (98.85 million barrels per day) translates into an increase of 1.65 million barrels per day (1.7 percent) compared to 2017 and an upward revision of 150,000 barrels a day compared to the estimate a month ago.

The calculations of this solid demand are based on the good prospects of the world economy, with growth that OPEC predicts will be 3.8 percent this year.

Both "geopolitical concerns" and "robust demand and reduced supply from OPEC, Russia and nine other producers independents pushed up oil prices, the report recalls.

OPEC benchmark oil rose in April to an average of 68.43 dollars per barrel, 7.3 percent (4.67 dollars) more than the March average, and continued to rise in May, last Thursday to values ​​above 74 dollars for the first time in the last three years and half.

Regarding the offer, the April supply of the 14 OPEC partners was 31.9 million barrels per day, with a slight increase of 12,100 barrels per day compared to the previous month, according to the document.

Venezuela is the partner that most reduced extraction last month, with a drop of 41,700 barrels per day, followed by Gabon (9,300 barrels per day), Nigeria (8300 barrels per day), Angola (7800 barrels per day), Equatorial Guinea (6800 barrels a day), Qatar (4300 barrels a day) and Iraq (700 barrels per day).

However, these setbacks were offset by increases in Arabia Saudi Arabia (46,500 barrels a day), Algeria (17,700 barrels a day), Iran (10,000 barrels per day), Libya (6900 barrels per day), United Arab Emirates States (6100 barrels a day), Ecuador (3100 barrels a day) and Kuwait (800 barrels per day).

The total number of joint production remains below the maximum of 32.5 million barrels per day fixed in 2016, due to a pact with other producers that supposes the withdrawal from the market of 1.8 million barrels per day from January 2017.

The supply cut, in force until December 31st (although OPEC and its allies expect to revisit the situation at a meeting scheduled for 22 June in Vienna) contributed to reducing oil reserves.

According to the report, these commercial oil reserves in the industrialized products fell in March by 12.7 million barrels per day, to 2,829 million barrels per day, a slightly higher level in 9 million barrels, to the average of the last five years.

The report predicts for 2018 an increase in "non-OPEC production" to 59.62 million barrels per day, plus 1.72 million barrels per day in compared to 2017 and 10,000 barrels more per day than estimated a month ago.

Other News