Egyptian oil production expected to decline in 2017: OPEC

CAIRO - 14 June 2017: Oil production in Egypt is expected to decline by 20,000 barrels per day in 2017 while the country’s oil and natural gas supplies remain stagnant between 2016 and 2017, according to a monthly report released by the Organization of the Petroleum Exporting Countries (OPEC) on Wednesday.

Egyptian oil exports increased in May following new orders for exports and posted their highest growth in the history of a survey by Emirates NBD Egypt.

The index registered 47.3 in May, which is slightly lower than April’s nine-month’s 47.4. Other countries are expected to witness prosperous oil production including Chad, Congo and Ghana, while remaining stable in Sudan.

Total petroleum exports from OPEC countries increased by 6.5 percent in 2016-2017, recording 25.01 million barrels per day (b/d) compared to 23.49 million per day in 2015-2016.

The majority of the exports were recorded by countries in Asia and the Pacific Ocean, recording a total of 62.9 percent of the total world exports which amount 15.72 million b/d.

The report added that global oil production increased by 0.5 percent in 2016 compared to 2015 to reach a total of 75.48 million b/d. Saudi Arabia is the top oil-producing country, producing 10.46 million b/d and Russia follows second by producing 10.29 million b/d, while the United States ranks third as it produces 8.88 million b/d.

Average demand on oil reached 95.12 b/d in 2016, increasing 1.5 percent annually, the report added.