Middle Eastern Oil Production Is Expected to Decrease by 30 tb/d
OREANDA-NEWS. Middle Eastern oil production is expected to decrease by 30 tb/d in 2014 to average 1.32 mb/d. The decline is driven by an anticipated supply drop from Syria and Yemen, while production from Oman and Bahrain is likely to see a minor increase. Oman's production is expected to rise by 20 tb/d in 2014 to average 0.96 mb/d. This is supported by EOR at the Amal and Harweel projects. The new volume is expected to more than offset foreseen declines in mature producing areas. Bahrain's supply is expected to rise by 10 tb/d in 2014 to average 0.23 mb/d, with support from the Awali project. Yemen's production is estimated to decline by 30 tb/d in 2014, averaging 0.11 mb/d; the security situation is seen to limit growth. Syria's oil supply is projected to average only 20 tb/d in 2014, as per the recently reported production figure, indicating another decline in volume of 30 tb/d in the current year. This assumes that the ongoing political situation will continue in 2014. The risk to Yemen's and Syria's forecasts remains high given the ongoing security issues as well as limited data. The forecast could encounter significant revision if the political situation changes in 2014 or actual production data is received. On a quarterly basis, the Middle East's 2014 supply is expected to stand at 1.32 mb/d, 1.30 mb/d, 1.33 mb/d and 1.34 mb/d, respectively.
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