OIL PRO­DUC­TION DE­CLINES

Qatar Today - - ENERGY SPOTLIGHT -

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.

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