EIA forecasts oil extraction growth by OPEC in 2016-2017

​Oil extraction by OPEC will make up 32.43 mln barrels a day in 2016. In 2017 it will grow to 33.09 mln barrels a day, is said in the recently published forecast of the Energy Information Agency (EIA) of the US Ministry of Energy.

The maximum oil extraction of OPEC is expected in Q4 2017 – 33.19 mln barrels a day.

Today the official quota of oil extraction of OPEC makes up 30 mln barrels a day. However, according to the latest report of OPEC, the total oil extraction of OPEC in February made up 32.38 mln barrels a day, that is by 175 thousand barrels a day less than in January. The stake of OPEC in the world oil extraction in February fell insignificantly to 33.7%.

In 2015 the oil extraction by OPEC made up 31.55 mln barrels a day, analysts of EIA think.

A number of analysts think that the growth of oil extraction by OPEC is the consequence of the escalation of the hydrocarbons opposition in the Middle East which may lead to the price fall in June.

Kuwait and Saudi Arabia have already announced of their plans to increase oil extraction.