OIL PRODUCTION DECLINES

Middle Eastern oil production is estimated to decline by 20 trillion barrels per day (TBPD) in October 2014 to average 1.34 million barrels per day (MBPD), a downward revision of 30 TBPD from the previous month. Bahrain and Syria saw production at 0.22 MBPD and 0.03 MBPD respectively in 2014, while Oman’s growth for 2014 has increased to 20 TBPD, although absolute volumes were unchanged at 0.95 MBPD. Syria was producing 330 TBPD just six months before its civil war began, and no changes are expected for Syria in the last quarter of 2014.

Yemen is estimated to show a decline by 30 TBPD for the last quarter of 2014. The country’s forecasts indicate a decline by 10 TBPD to average 0.13 MBPD, revised upward by 10 TBPD compared with the previous MOMR.