Revelations from the International Energy Agency’s (IEA), November’s Oil Market Report (OMR) has shown that OPEC crude output for the month of October dropped by 80,000 barrels per day due to low supply from Nigeria, Algeria, Iraq and Venezuela.
The report noted that the drop stemmed from interruptions in Iraq where shipments from the North fell by an estimated 170 kb/d in October, as well as lower production in Algeria, Nigeria, and Venezuela.
Besides, the November OMR released alongside the World Energy Outlook (WEO) 2017, disclosed further that “output of 32.53 mb/d, the lowest since May, was down 830 kb/d from the record rates seen a year ago.”
The WEO 2017 also noted that global needs for energy would rise by 30 percent between now and 2040, which will be equivalent to adding another China and India to today’s global demand.
