OPEC countries increased oil production to the highest level since 2008

Almaty. July 12. Silkroadnews – OPEC increased oil production to the highest level since 2008, Lenta.ru writes with reference to the report by S&P Global Platts.

“In June 2016 the country-oil producers, OPEC in General has increased production by 300 thousand barrels compared with May figure reaching the production level of 32.73 million barrels. The biggest increase in daily production is shown by Nigeria – by 0.15 million barrels a day, up to 1.57 million,” the statement says.

Iran has also increased the amount of oil produced. The daily rate rose by 0.08 million barrels up to 3.63 million, the oil production by Saudi Arabia has grown by the same rate – in June it produced 10.33 million barrels per day.

“Oil production in Angola, Ecuador, Indonesia and Qatar did not change on a monthly basis. Two countries – Iraq and Venezuela – reduced oil production by 0.02 and 0.12 million barrels per day, respectively,” the report says.

On June 18 Venezuelan Oil Minister Eulogio Del Pino warned the fuel prices could drop to $20 per barrel in winter 2017, if measures are not taken to restrict production.

A day earlier, Russian Energy Minister Alexander Novak said that with current oil price there is no reason to reduce or freeze oil production.