Mumbai: Output by the OPEC block is likely to remain strong in 2013, discloses a recent Gulf Oil Review (GOR) report. The report further outlines only few member countries under OPEC to accelerate the oil production from current levels.
However, with other non-OPEC producers struggling to achieve their target, the impact of the rise in shale-oil production may be muted by weak performance elsewhere in the year ahead, it said.
According to the review, Libya has reached its pre-war disruption level of around 1.6 million b/d (barrels per day). Whereas, Iraq is anticipated to achieve a production increase of around 3.2 million b/d; however GOR production target is below the country’s official target outlined as 3.7 million b/d in 2013.
EPC News Bureau
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