OPEC raises its production to one million barrels a day

The Organization of the Petroleum Exporting Countries (OPEC) raised its production level by almost one million barrels per day during the month of July, according to the monthly report.

Specifically, the 13 countries that make up OPEC produced 23.172 million barrels in the seventh month of the year, which is equivalent to an increase of 980,000 barrels per day compared to June. The vast majority of the increase in pumping was due to Saudi Arabia, the main producer of this organization, which extracted 866,000 more barrels, reaching 8,406 million barrels per day.

The second largest increase was recorded by the United Arab Emirates, which pumped 2.43 million barrels, 98,000 more than in the previous month, while Kuwait’s production rose by 73,000 barrels to 2,158 million.

On the other hand, the biggest drop in July was in Angola, which produced 51,000 fewer barrels per day, down to 1,173 million, while Iran’s extractive level reached 1,936 million in the seventh month of the year, 11,000 less.

Although OPEC produced almost a million barrels more, the other ten allied countries participating in the production cut pact cut their pumping by 1.82 million barrels per day.

July is the last month in which countries plan to cut their production by 9.7 million barrels per day. Starting in August, and until the end of the year, the cut will be 7.7 million a day. While between January 2021 and April 2022, the adjustment will be reduced to 5.8 million.

K. Tovar

Source: AmericaEconomia