OPEC’s oil output rises by 393,500 bpd to 32.61 mln bpd in June

MOSCOW, Jul 12 (PRIME) -- OPEC raised its June oil production by 393,500 barrels per day to 32.611 million barrels per day compared with May, the organization said in a report on Wednesday with a reference to data of secondary sources.

Daily oil production in Libya grew by 127,000 barrels to 852,000 barrels, in Nigeria it rose by 96,700 barrels to 1.733 million barrels, in Iraq by 60,600 barrels to 4.502 million barrels, and in Saudi Arabia by 190,000 barrels to 10.07 million barrels.

OPEC also raised its forecast for Russia’s oil and condensate production in 2017 by 200,000 barrels per day compared with the previous estimate to 11.24 million barrels per day.

OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries agreed to cut their combined output by 558,000 barrels, including Russia, which has agreed to slash production by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June 2017 and was prolonged for nine more months in May.

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