Unplanned outages, OPEC… EIA

From the EIA’s excellent “This Week in Petroleum”, here…

”We estimate approximately 0.4 million barrels per day (b/d) of crude oil production went offline in Libya in late December. This outage contributed to the increase in the Brent spot price to $89 per barrel (b) as of January 18, 2022, from a December average of $74/b. In addition, protests in Kazakhstan have likely also put upward pressure on the Brent crude oil price as a result of the increased risk of outages in that country. We estimate that combined OPEC unplanned production outages increased in December and likely will increase in January as a result of the outages in Libya. Nonetheless, we forecast OPEC crude oil and total liquid fuels production will increase by 2.7 million b/d in 2022 to 34.3 million b/d and that OPEC will still hold more spare production capacity than historical averages.”