OPEC raises the forecast for oil output for 2021 by 0.95 million barrels per day to 63.8 million barrels.
According to the organization's monthly report, the production of liquid hydrocarbons will grow by 0.95 million barrels per day on average to 63.8 million barrels. The biggest increases are projected in Canada, the United States, Norway, and Brazil.
Exploration and production capital expenditures are expected to remain below 2019 levels in 2021; the reason behind this is much lower investments in shale oil in the United States.
In 2020, oil production in OPEC averaged 62.9 million barrels per day, which is 2.6 million barrels per day less than in 2019.
OPEC is an organization of oil-exporting countries.
