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OPEC oil output up by more than 170,000 b/d

12 July 2018 [15:38] - TODAY.AZ

By  Trend


OPEC oil production has increased by 173,000 barrels per day in June, the cartel said in its July Oil Market report.

“According to secondary sources, total OPEC-15 crude oil production averaged 32.33 million barrels per day in June, an increase of 173,000 barrels per day over the previous month,” said the report.

Crude oil output increased mostly in Saudi Arabia, Iraq, Nigeria, Kuwait and UAE, while production showed declines in Libya, Venezuela and Angola, according to OPEC.

The share of OPEC crude oil in total global production unchanged at 33 percent in June compared with the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGL and nonconventional oil, while estimates for OPEC crude production are based on secondary sources.

In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries, including Azerbaijan, agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.

At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.

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