Baku, Azerbaijan, June 13
By Leman Zeynalova – Trend:
According to secondary sources, OPEC crude oil production in May increased by 336,000 barrels per day from the previous month to average 32.14 million barrels per day, the cartel said in its June Oil Market Report.
Crude oil output increased the most in Libya (by 178,200 barrels per day), Nigeria (174,200 barrels per day) and Iraq (44,400 barrels per day), while production in Angola and United Arab Emirates showed the largest declines of 54,200 barrels per day and 18,000 barrels per day, respectively.
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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