Middle East Oil Supply in June 14

Source: OPEC 6/25/2014, Location: Middle East

Middle East oil production is estimated to average 1.35 mb/d in 2014, unchanged from 2013, and at the same level as in the previous month. On a quarterly basis, Middle East supply is forecast to average 1.32 mb/d, 1.36 mb/d, 1.37 mb/d, and 1.37 mb/d, respectively.

Syria’s oil production is expected to decline by 30 tb/d in 2014 to average 30 tb/d on the back of political issues. Oil production in 1Q14 declined by 0.4 mb/d to only 20 tb/d compared with 1Q13 due to Syria’s civil war and the resulting oil disruption. Oil production in Yemen in 1Q14 averaged 0.12 mb/d, down by 0.17 mb/d compared with 1Q11, because of continuous rebel attacks on oil pipelines. However, oil production in Yemen is expected to increase by 40 tb/d to average 0.16 mb/d in 2Q14 and production should be steady up to the end of the year.

Oman the biggest non-OPEC oil producer in the Middle East is expected to increase production by 30 tb/d in 2014 to average 0.97 mb/d, unchanged from the previous assessment. Preliminary data indicates that oil output in the country increased by 50 tb/d to average 0.96 mb/d in May compared with April. On a quarterly basis, its expected oil output stands at 0.95 mb/d, 0.97 mb/d, 0.97 mb/d and 0.98 mb/d, respectively.




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