OPEC Increases Its Production For The Sixth Month In A Row
Baghdad, The production of the Organization of Petroleum Exporting Countries (OPEC) increased for the sixth month in a row.
A Reuters survey showed that OPEC oil production rose for the sixth month in a row last month, supported by the continued recovery of Libyan production and smaller increases in other countries of the organization.
According to the survey results, the Organization of the Petroleum Exporting Countries, which consists of 13 members, pumped 25.59 million barrels per day last month, an increase of 280 thousand barrels per day compared to November, to continue production to rise after recording the lowest level in three decades in June.
OPEC production is set to rise further this month after OPEC + – which includes OPEC and other producers including Russia – agreed to reduce cuts.
Under the February production agreement concluded on Tuesday, most OPEC + countries will keep production unchanged, while Saudi Arabia has offered a large voluntary cut.
Source: National Iraqi News Agency