OPEC oil production rose by 0.5 million barrels per day during the past month, as the increase came with the rise in supplies in 3 countries.
The monthly report of the Organization of Petroleum Exporting Countries, issued today, Wednesday, showed that the production of the 13 member states of the organization increased by 486,000 barrels per day during last September to reach 27.328 million barrels per day.
The strengthening of oil supplies by OPEC countries coincides with the continuation of the OPEC + alliance agreement to gradually increase supplies, after they implemented record cuts in April of 2020 due to the repercussions of Corona.
10 Countries Boost Their Production
10 OPEC members boosted their oil production last month, most notably Nigeria, Saudi Arabia and Iraq.
It should be noted that the countries of the Organization are increasing their supplies of crude in accordance with the quotas agreed upon in OPEC +.
Nigeria’s production rose by 156,000 barrels per day last September, to 1.451 million barrels per day, and Saudi Arabia’s production increased by 139,000 barrels per day, recording 9.678 million.
Iraq’s production rose last month to 4.139 million barrels per day, an increase of 84 thousand, and Kuwait’s production increased to 2.468 million barrels per day.
Algeria, Angola, Congo, Gabon, Iran and the UAE recorded increases in oil supplies last month, ranging from 6 to 22,000 barrels per day.
On the other hand, oil production fell in 3 OPEC countries last month: Equatorial Guinea, Libya and Venezuela.
The drop in supply was very limited, as it did not exceed 6,000 barrels per day, as in Venezuela, and reached only 1,000 barrels per day in Equatorial Guinea.
The production of Equatorial Guinea and Venezuela currently stands at 100 and 527 thousand barrels per day, while the production of Libya decreased by 5 thousand barrels per day to 1.148 million.