OPEC oil output to further rise, says US

Production of oil and other liquid hydrocarbons will further rise in OPEC countries and reach 39.38 million barrels per day in 2016 and 40.22 million barrels per day in 2017, says the short-term energy outlook for July issued by the US Energy Information Administration (EIA).

The forecast for 2016 was increased by 0.18 million barrels per day, as compared to the EIA report for June, while the forecast for 2017 has remained unchanged.

The production of oil and other liquid hydrocarbons totaled 38.33 million barrels per day in 2015 in OPEC countries, according to the EIA.

On June 2, OPEC failed to agree on output policy and set a new ceiling.

OPEC has 14 members: Algeria, Angola, Ecuador, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the UAE, Venezuela and Gabon.

Source: Trend