UAE24x7
  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021
No Result
View All Result
  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021
No Result
View All Result
UAE24x7
No Result
View All Result
Home World News

Decline in global oil production to 89.89 million barrels per day in May

Muhnis Beeran by Muhnis Beeran
June 19, 2020
in World News
0
Decline in global oil production to 89.89 million barrels per day in May
Share on FacebookShare on Twitter

Global liquids production in May decreased significantly by 10.04 million barrels per day (BPD) to an average of 89.89 million BPD, the Organization of Petroleum Exporting Countries (OPEC) said in its report on Wednesday.

The global decline in oil production was the result of an agreement signed between OPEC and other producers to cut production, to maintain a balance between supply and demand, and protect the interests of both producers and consumers.

In May, OPEC crude oil production decreased by 6.3 million BPD month-over-month to average 24.19 million BPD, according to secondary sources quoting from OPEC’s Monthly Oil Market Report for June.

Oil prices surged after dropping in the first quarter to its lowest levels since 2003, which encouraged the Organisation of the Petroleum Exporting Countries Plus, OPEC, to cut production further, especially with the decline of oil demand by major consumer countries.

The production of OPEC members declined by 6.3 million barrels per day in May while other cuts were made by Russia, the US, Kazakhstan, Oman, Canada, Azerbaijan, Norway, and Mexico, as per OPEC’s monthly report on oil market activity.

OPEC estimates a decline in global oil production by 9.1 million barrels per day in 2020, noting that average global oil production this year will reach 90.6 million barrels per day, according to preliminary figures.

In 2019, global oil demand reached 99.67 million barrels per day, according to OPEC’s figures. Global demand for crude oil (including biofuels) in 2019 amounted to 100.1 million barrels per day.

  • Trending
  • Comments
  • Latest
How to check UAE visa status & validity using only passport

How to check UAE visa status & validity using only passport

September 10, 2021
The most important advice that every tourist should take into account when visiting Dubai

The most important advice that every tourist should take into account when visiting Dubai

July 25, 2020
Procedures for Renewing the Driving License in Abu Dhabi [3 Simple Steps]

Procedures for Renewing the Driving License in Abu Dhabi [3 Simple Steps]

September 21, 2021
The Top & Most Popular Seafood Bucket Restaurants in Dubai for you [Never Miss]

The Top & Most Popular Seafood Bucket Restaurants in Dubai for you [Never Miss]

September 23, 2021
Is classroom education a distant dream now?

Is classroom education a distant dream now?

0
Is classroom education a distant dream now?

Asia’s Biggest Book Market Damaged Beyond Belief!

0

Is earth’s magnetic field weakening creating another nightmare on planet earth?

0

UK’s new twin Nuclear Power Plant is catastrophic: Environmentalists

0
5 Best UAE day trips to escape the city

5 Best UAE day trips to escape the city

September 28, 2022
UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

September 27, 2022
Saudi Arabia plans to send a female astronaut to space in 2023

Saudi Arabia plans to send a female astronaut to space in 2023

September 23, 2022
Get your medical fitness results for visas in under 30 minutes

Get your medical fitness results for visas in under 30 minutes

September 23, 2022
UAE24x7

Menus

  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021

Recent News

5 Best UAE day trips to escape the city

5 Best UAE day trips to escape the city

September 28, 2022
UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

September 27, 2022
No Result
View All Result
  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021

© 2021 UAE24X7