Oil production updated the record since 1989


OPEC countries increased oil production in April by 484,000 barrels per day, which updated the record set in 1989.

This follows from a survey among representatives of oil companies, posted by Bloomberg.

According to Bloomberg data, the total volume of production in April 2016 amounted to 33.2 million barrels per day.

According to the results of a similar survey by Reuters, OPEC oil production in April reached 32.6 million barrels per day. This result was below the January record of the year, when the highest rate since 1997 was recorded.

Experts of both agencies associate the increase in oil production with the activities of Iran, which increases oil production after the sanctions against it were lifted.

This happens together with increasing the World Bank’s forecast on an average oil price in 2016 from $37 to $41 per barrel. The reason for this decision was a weaker dollar, and improved sentiment in the markets. At the same time, the organization states that the oil price may continue to decline if OPEC significantly increases oil production.

The meeting of oil producing countries was held in Doha on April 17. Based on its results, the participants were unable to agree to freeze production at January’s level. Iran did not participate in the negotiations.

Source: forbes.net.ua