OPEC: Iraq and Saudi Arabia led the highest increase in oil supplies last month

 
12/14/2021

Economy News _ Baghdad

The Organization of the Petroleum Exporting Countries announced, on Tuesday, that Iraq and Saudi Arabia led the highest increase in oil supplies among the nine countries that raised their oil production last November.

The organization said in a report seen by "Economy News", that "the production of oil by the 13 member states of OPEC rose by about 285,000 barrels per day during the past month, to reach 27.717 million barrels per day, supported by increased supplies from nine countries, including Iraq."

And she indicated that "the largest increase came from Saudi Arabia, as its oil production rose by 101 thousand barrels per day, to reach 9.897 million barrels per day, and Iraq came second with the largest increase in its oil production by 91 thousand barrels per day to reach 4.240 million barrels per day."

And she added, "Nigeria raised its oil production by 85,000 barrels per day to reach 1,420 million barrels per day, Kuwait raised its production by 29,000 barrels per day to reach 2.531 million barrels per day, and the UAE increased by 21,000 barrels to reach 2,850 million barrels per day."

And OPEC indicated that "Venezuela raised production by 15,000 barrels to reach 625,000 barrels per day, Gabon and Algeria raised their production by 9,000 barrels per day, while Equatorial Guinea raised its production by 1,000 barrels per day for the month of November."

She pointed out that "oil production fell in 4 OPEC countries last month, which are Angola by 38,000 barrels per day, Libya by 15,000 barrels per day, the Congo by 14,000 barrels per day, and Iran's production decreased by 9 thousand barrels per day."

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

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