OPEC increased oil production to peak in 2008 – RBC

Photo: DAVID MCNEW / GETTY IMAGES NORTH AMERICA / AFP

The total amount of oil production countries – in June this year, OPEC member rose to 32.73 million barrels. per day, reaching a peak in August 2008, shows a report S & amp; P Global Platts

In June 2016 the country – oil producers, OPEC as a whole have increased production by 300 thousand barrels / day on.. compared with the May figure, reaching production levels of 32.73 million bbl. / day. This is stated in the report of S & amp; P Global Platts. Thus, the volume of crude OPEC oil peaked in August 2008 levels.

«Growth of OPEC on the 300 th. Barrels. / Day, caused by fragile resolve the crisis in Libya and Nigeria, as well as the relentless growth in Iran and an increase in production in Saudi Arabia, sends a strong message about his unwavering strategy of market separation “- believes the senior editor of S & amp; P Global Platts Eklavya Gyupte statement is contained in a press release posted on the portal of PR Newswire. “If the situation does not change, the story of a return to the limitation of production starts to gain momentum,” – says Gyupte

The biggest increase in production from OPEC countries in June was recorded in Nigeria, Iran and Saudi Arabia.. Nigeria has increased the volume of crude oil to 150 thousand. Bbl. / Day to 1.57 million barrels. / Day. In Iran and Saudi Arabia grew by 80 thous. Bbl. / Day to 3.63 million and 10.33 million barrels ./ day, respectively. In Libya, production increased by 60 thous. Bbl. / Day, up to 310 th. Barrels. / Day.

At the same time, production volumes in Venezuela decreased in June to 120 bbl. / Day , to 2.15 million barrels / day, which was the lowest level since February 2003.

As noted in the report, S & amp;.. p Global Platts, which is referred to PR Newswire, drop in production level was due to the lack of investment in the industry, high costs, accumulated debts to suppliers of services in the oil fields, reducing the activity of drilling and infrastructure deterioration. Falling production volumes were also recorded in Iraq. In June, the country produced oil in the 20 th. Barrels. / Day less than the previous month.

The next meeting of OPEC is scheduled for November 30th. 2 June meeting in Vienna, representatives of the countries failed to agree on concrete figures on quotas for oil production. Act now official quota – 30 million barrels / day -. Was established back in 2011. Following the meeting, the new Minister of Energy of Saudi Arabia Khalid al-Falih urged not to expect that OPEC will continue to affect the price of oil by adjusting supply. According to him, oil producers should allow market forces to find equilibrium price.

On Monday, July 11 the cost of a barrel of Brent crude oil fell below $ 46 for the first time since May 11, 2016, a decrease of trading on the stock exchange ICE almost on 2%. At a minimum price of Brent dropped to $ 45.91 a barrel. As of 20:25 MSK, it traded at $ 46.17 a barrel.