OPEC Cuts Oil Production: Will Global Supply Be Disrupted?

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Adi Ahdiat 13/10/2022 16:00 WIB

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The Organization of the Petroleum Exporting Countries and its allies (OPEC+) will cut crude oil production by 2 million barrels per day starting next month. Will this disrupt fuel supplies?

Global Liquid Fuel Production and Consumption Projections by Quarter (2019-2023)

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Global Liquid Fuel Production and Consumption Projections by Quarter (2019-2023)

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In early October 2022, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced they would cut crude oil production by 2 million barrels per day starting the following month.

"OPEC's de facto leader, Saudi Arabia, stated that the oil production cut is necessary to respond to rising interest rates from Western central banks and a weakening global economy," Reuters reported on Wednesday, October 5, 2022.

Fortunately, despite the production cuts by OPEC+, the global supply of liquid fuels is projected to remain fairly secure.

According to projections by the U.S. Energy Information Administration (EIA), global liquid fuels production during the fourth quarter of 2022 through the end of 2023 will remain in the range of 100 million barrels per day.

This production figure is not significantly different from the pre-pandemic period of 2019 and has even increased compared to the 2020-2021 pandemic period.

Meanwhile, global consumption of liquid fuels until the end of next year is predicted to be not far from its production figures, as shown in the graph above.

The liquid fuels production and consumption figures recorded here include petroleum and other condensate commodities, ranging from crude oil, refined oil, natural gas liquids, biofuels, and other hydrocarbon-based liquid fuels.

Unfortunately, although the global supply of liquid fuels is expected to remain fairly secure, the EIA believes that the OPEC+ production cuts could affect price volatility in the future.

"Potential disruptions to petroleum supplies, as well as lower-than-expected crude oil production growth, could push oil prices higher," the EIA explained in its October 2022 Short-Term Energy Outlook report.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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OPEC Cuts Oil Production: Will Global Supply Be Disrupted?

OPEC Cuts Oil Production: Will Global Supply Be Disrupted?

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