OPEC identifies three countries, including Iraq, that boosted its oil production in September

 
10/14/2021

Economy News _ Baghdad

The Organization of the Petroleum Exporting Countries, which consists of 13 countries, announced on Thursday that three countries, including Iraq, boosted their oil production even more in the month of September.

The organization said in a report, seen by "Al-Iqtisad News", that "the production of OPEC member states of oil rose by 486,000 barrels per day during the past month, to reach 27.328 million barrels per day, supported by increased supplies from Iraq, Saudi Arabia and Nigeria."

The OPEC report added, "The largest increases came from Nigeria, as its oil production rose by 156,000 barrels per day, to reach 1.451 million barrels per day, and Saudi Arabia's production increased, recording an increase of 139 thousand barrels per day, bringing its production to 9.678 million barrels per day, while Iraq came third, with an increase of 84,000 barrels, to reach 4.139 million barrels.

The report continued, "The rest of the countries had a small increase, as Kuwait recorded an increase of 25 thousand barrels per day, and Algeria, Angola, Congo, Gabon, Iran and the UAE recorded increases in oil supplies last month, ranging from 6 to 22 thousand barrels per day." 

The report indicated, “Oil production declined in 3 OPEC countries last month, namely: Equatorial Guinea, Libya and Venezuela, and the decline in supplies was very limited, as it did not exceed 6 thousand barrels per day, as is the case in Venezuela, and reached only one thousand barrels per day in Guinea. While Libya’s production decreased by 5 thousand barrels per day to 1.148 million.”

The Organization of Petroleum Exporting Countries (OPEC) reference basket consists of the following: Sahara Blend (Algeria), Girasole (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabih Light (Gabon), Heavy Iran, Islamic Republic of Iran, ( Iran), Basra Khafif (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Pune Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Miri (Venezuela).

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