Global Economy News

OPEC oil production increased for the second month in a row

According to Tasnim news agency, quoted by Reuters, OPEC oil production increased for the second month in a row in June. It seems that the increase in the supply of Nigeria and Iran has neutralized the effect of the voluntary production reduction of other members of the OPEC+ alliance.

According to the information obtained from the tracking of ships and industrial resources, the Organization of Petroleum Exporting Countries produced 26.70 million barrels of oil per day last month, which is an increase of 70 thousand barrels compared to May.

This increase in production took place in a situation where members of the OPEC+ alliance decided last month to further reduce their production until the end of 2025. The purpose of this action was to strengthen the global oil market in the midst of weak demand growth, high interest rates and increased US production.

Nigeria's oil production has increased by 50 thousand barrels per day, and Iran and Algeria have also increased their production. The biggest decrease in production belongs to Iraq with 50,000 barrels per day, but this country still produces above the OPEC+ target.

According to Reuters research, OPEC produces about 280,000 barrels per day more than the target set for the nine members participating in the OPEC+ agreement, and most of this excess production belongs to Iraq.

Among the countries exempted from production cuts, Iran's oil production reached 3.2 million barrels per day, just as much as the country produced in November 2023, which was the highest since 2018.

Iran's oil minister, Javad Oji, announced that his country sells its oil to 17 other countries that do not care about US sanctions.

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Mhd Narayan

Bringing over 8 years of expertise in digital marketing, I serve as a news editor dedicated to delivering compelling and informative content. As a seasoned content creator, my goal is to produce engaging news articles that resonate with diverse audiences.

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