OPEC announces an increase in production thanks to 7 countries, most notably Iraq

Baghdad, The Organization of Petroleum Producing Countries “OPEC” confirmed, on Thursday, that the production of the members of the organization (13 members) increased by 278 thousand barrels per day last December, amid an increase in the production of 7 countries, most notably Libya and Iraq.

The organization stated in its monthly report that its production rose to 25.362 million barrels per day during the past month, compared with 25.083 million barrels per day in the previous November.

The average of daily OPEC production during 2020 was about 25.647 million barrels, compared to 29.337 million barrels per day during the previous year, a decrease of 12.6 percent due to the drop in fuel demand associated with the outbreak of the Corona pandemic.

According to the report, 7 countries increased their production during the past month, led by Libya, which raised its production by 136 thousand barrels per day, bringing its production to 1,224 million barrels.

Libya has fully regained production in recent months, after a nine-month hiatus since the beginning of 2020, but on September 18, Khalifa Haftar announced the lifting of the blockade on Libyan oil fields and facilities.

Iraq and the UAE raised their crude production by 76 thousand and 63 thousand barrels per day, respectively, while Equatorial Guinea increased its production by 24 thousand barrels, Iran also increased its production by 20 thousand barrels, and Venezuela 17 thousand barrels.

On the other hand, 6 countries reduced their production last December, most notably Nigeria by 28,000 barrels, and Angola and Congo by 14,000 barrels each.

As for Saudi Arabia, the largest oil producer in OPEC, the report showed a decrease in its production by only two thousand barrels per day during the past month, to reach 8.964 million barrels.

Oil producers in the “OPEC +” group, led by Saudi Arabia and Russia, reached an agreement for a limited reduction in production cuts during February and March.

Saudi Arabia announced a voluntary production cut by one million barrels per day in February and March, reinforcing the agreement of the “OPEC +” alliance to maintain the level of production during the next two months at roughly the same level in January.

 

Source: National Iraqi News Agency

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