Crude oil production from members of OPEC is expected to fall to below 30.73 million b/d by the end of this year, the group’s lowest monthly output since February 2015, the US Energy Information Administration said Tuesday. In its Short-Term Energy Outlook, EIA said OPEC members produced 31.92 million b/d in 2018, about 150,000 b/d below the average output for 2017. Output is expected to fall to 30.88 million b/d in 2019 and 30.90 million b/d in 2020. OPEC’s supply declines this year will be offset by a 2.4 million b/d oil supply increase from non-OPEC countries, particularly the US and Brazil, EIA said. Total OPEC oil production averaged 31.38 million b/d in December, down 840,000 b/d from November. The latest S&P Global Platts OPEC survey, released last week, found OPEC members produced 32.43 million b/d in December, down about 630,000 b/d from November. The […]