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OPEC crude output up by 393,000 b/d

Oil&Gas Materials 12 July 2017 17:27
According to secondary sources, total OPEC-14 crude oil production averaged 32.61 million barrels per day in June, an increase of 393,000 barrels per day over the previous month.
OPEC crude output up by 393,000 b/d

Baku, Azerbaijan, July 12

By Leman Zeynalova - Trend:

According to secondary sources, total OPEC-14 crude oil production averaged 32.61 million barrels per day in June, an increase of 393,000 barrels per day over the previous month, the cartel said in its July Oil Market Report.

Crude oil output increased mostly in Libya (up by 127,000 b/d), Nigeria (96,700 b/d), Angola (66,000 b/d), Iraq (60,600 b/d) and Saudi Arabia (51,300 b/d), while production showed declines in Venezuela (down by 13,600 b/d), according to the cartel.

The 172nd Meeting of the Conference approved Equatorial Guinea’s request to join OPEC, with immediate effect from May 25, 2017.

In line with this development, data for Equatorial Guinea will now be included within the OPEC grouping. As a result, the figures for OPEC crude production, demand for OPEC crude and non-OPEC supply have been adjusted to reflect this change. For comparative purposes, related historical data has also been revised.

Equatorial Guinea has increased its crude output by 1,400 b/d in June as compared to May 2017, said the report.

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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