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Exports of southern Iraq raise OPEC production to record levels

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Exports of southern Iraq raise OPEC production to record levels

Post by RamblerNash on Sun Sep 02, 2018 2:10 pm

Exports of southern Iraq raise OPEC production to record levels


Economy News _ Baghdad

The Organization of the Petroleum Exporting Countries (OPEC) increased its oil production in August to its highest level in 2018, as Libya's output recovered and southern Iraq's exports reached a record level, although the shrinking of Iranian shipments due to US sanctions curbed the increase.

A Reuters survey showed on Friday that the Organization's 15 member states pumped 32.79 million bpd in August, up 220,000 bpd compared with the revised July figure.

OPEC agreed with allies in June to increase production, while US President Donald Trump urged producers to compensate for losses caused by renewed sanctions on Iran and cut prices this year to $ 80 a barrel for the first time since 2014.

In June, OPEC, Russia and other non-OPEC countries agreed to return to compliance with oil production cuts that began in January 2017 at 100 per cent after continuing below-target production in Venezuela and other countries, More than 160 per cent.

However, OPEC's commitment to production cuts rose to 120 per cent in August from 117 per cent in July, according to the survey, as additional supplies from Saudi Arabia and elsewhere did not dispel the impact of losses in Iran and the decline in production in Venezuela And Angola in full.

The second largest increase came from Iraq, with exports reaching a record high, making Iraq the least-committed member of the Opec deal in August, according to the survey.

The survey aims to track supplies that are pumped into the market and is based on offshore data from offshore sources, Thomson Reuters data and information provided by sources in oil companies, OPEC and consulting firms.


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