OPEC countries increased oil production to record level

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As follows from a report of the current state of the oil market, OPEC countries increased oil production in October, setting a new historical record of 33.643 million barrels a day.

Compared with September, the production increased by 237 thousand barrels per day; compared to the first quarter – by 1.1 million barrels.

One of the 14 countries of the organization – Angola – showed a statistically significant reduction in production (165 thousand barrels per day), which was fully compensated by the growth of production in Libya and Nigeria, as well as additional supplies from Iran and Iraq.

Libyan production has doubled in two months, up to a maximum of three years: 528 thousand barrels per day. Nigeria added 170 thousand barrels per day. Iraq has boosted production to a record in 8 years: 4.561 million barrels per day. Iran, by OPEC data, increased deliveries by 27.5 thousand barrels per day, and according to its own estimates – by 220 thousand barrels a day. Saudi Arabia has reduced production by 51.7 thousand barrels per day, which, however, is only 0.4% of the total of the oil industry of the kingdom.

Source: Rosbalt