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In June oil production by the OPEC countries has increased to the highest level since 2008

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In June oil production by the OPEC countries has increased to the highest level since 2008

In June oil production by the OPEC countries has increased to the highest level since 2008
July 11
09:00 2016

Production of “black gold” by the members of OPEC (Organization of Petroleum Exporting Countries) last month of the current year increased by 300 thousand barrels per day (b / d), and has reached a record since August 2008, 32.73 million b / d. This information was prepared by S & P Global Platts, according to the results of a survey of the cartel representatives and industry experts.
The most massive increase in production is observed in Nigeria – by 150 thousand b / d. Although in this particular case the matter is more about restoring the old production rate. In May the production in Nigeria dropped to lows of 30 years because of the attacks of armed groups on the infrastructure.
In Libya the production jumped by 60 thousand b / d to 310 thousand b / d, but the production capacity in the country operates less than a quarter of its capacity (1.6 million b / d).

During June Iran has increased its oil production to the highest 3.63 million b / d since 2011. It is close to the level which was held before the sanctions. Since last year December the oil production has increased to 740 thousand b / d.
Meanwhile, in June oil production in Venezuela fell to 120 thousand b / d. It has been the lowest rate since February 2003- 2.15 million b / d. The decline in production can be explained because of the insufficient investment, overestimated cost, arrears of the oilfield service companies of Venezuela and reduction in drilling intensity.
S & P Platts experts point out that the recovery of raw material production in Venezuela can’t be expected soon.
Also, Iraq has decreased the production by 20 thousand b / d because of the rates fall of the southern oil fields.

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