OPEC rises daily production to 322,000 barrels
Due to the truce reached with Libya, the organization announced a considerable increase in oil
The Organization of the Petroleum Exporting Countries (OPEC) recorded an increase in its daily production of 322,000 barrels, as a result of the truce reached in Libya.
The 13 countries that make up OPEC produced 24.386 million barrels per day in the tenth month of the year, compared to the 24.064 million per day recorded in September. Behind Libya, the largest increase was recorded by Iraq, which produced 148,000 more barrels.
Unlike in previous months, Saudi Arabia kept its production intact at 8,956 million barrels while the United Arab Emirates, the third largest producer in OPEC, reduced its pumping by 74,000 barrels. Venezuela’s production contracted again in October, to 367,000 barrels a day, remaining at the lowest record.
July was the last month in which countries cut their production by 9.7 million barrels a day. From August to the end of the year, the cut has become 7.7 million a day. While between January 2021 and April 2022, the adjustment will be reduced to 5.8 million.
Last month, the supervisory committee of the production control pact urged members of the agreement to be vigilant and proactive given the precarious conditions in which the oil market finds itself.
K. Tovar
With information from dpa and other digital media
