OPEC crude output up by over 40,000 b/d

13 August 2018 18:00 (UTC+04:00)

By  Trend

According to secondary sources, total OPEC-15 crude oil production averaged 32.32 million barrels per day in July, an increase of 41,000 barrels per day over the previous month, the cartel said in its Oil Market Report.

Crude oil output increased mostly in Kuwait, Nigeria, UAE and Iraq, while production showed declines in Libya, I.R. Iran, Saudi Arabia and Venezuela.

The share of OPEC crude oil in total global production decreased by 0.2 percentage points to 32.8 percent in July compared with the previous month.

Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional 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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