As a result of the outcome of the March 6 OPEC meeting, EIA’s forecast assumes that OPEC will target market share instead of a balanced global oil market, APA-Economics reports citing US Energy Information Administration (EIA).
EIA forecasts OPEC crude oil production will average 29.2 million barrels per day (b/d) from April through December 2020, up from an average of 28.7 million b/d in the first quarter of 2020.
EIA forecasts OPEC crude oil production will rise to an average of 29.4 million b/d in 2021.
The OPEC production data in the March STEO include Ecuador, which finalized its withdrawal from OPEC at the March 6 meeting. Beginning with the April 2020 STEO, EIA will include Ecuador’s production volumes in non-OPEC data.