TODAY.AZ / Business

OPEC crude output up by 88,000 b/d

11 October 2017 [17:53] - TODAY.AZ

By  Trend

According to secondary sources, total OPEC-14 crude oil production averaged 32.75 million barrels per day (mb/d) in September, an increase of 88,000 b/d over the previous month, OPEC said in its October Oil Market Report.

Crude oil output increased in Libya, Nigeria, Iraq and Gabon, while production showed declines mainly in Venezuela, according to the report.

The share of OPEC crude oil in total global production fell slightly by 0.1 percentage points to total 33.9 percent in September, compared with 34 percent in the previous month.

On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.

The reductions will be on the same terms as those agreed in November.


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