Middle East Oil Supply in December 2014

Source: OPEC 12/31/2014, Location: Middle East

Middle Eastern oil supply is estimated to average 1.37 mb/d in 2014, a decline of 20 tb/d from the previous year, indicating a minor upward revision of 10 tb/d compared with the previous MOMR. This revision came in the second half of the year, adjusting for updated production data as well as higher expectations for the third and fourth quarters. Omanís production is estimated to average 0.95 mb/d in 2014, representing an increase of 10 tb/d from the previous year, unchanged from the previous MOMR. On a quarterly basis, Omanís supply in 2014 is expected to average 0.95 mb/d, 0.94 mb/d, 0.95 mb/d and 0.96 mb/d, respectively.

Yemenís oil supply is estimated to average 0.14 mb/d in 2014, unchanged from the previous year. Security issues remain the main factor impacting Yemenís oil supply, with attacks continuing on its oil infrastructure. During the first three quarters of 2014, the Middle Eastís oil output decreased by 20 tb/d from the same period in 2013, though this was less than the drop in 2013 over 2012 of 90 tb/d. On a quarterly basis, 2014 Middle Eastern supply is estimated to average 1.34 mb/d, 1.33 mb/d, 1.35 mb/d and 1.35 mb/d, respectively.


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