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Economy News _ Baghdad
The Governor of Kuwait in the Organization of Petroleum Exporting Countries, Haitham Al-Ghais, announced today, Tuesday, that 8 countries increased their oil production and four countries, including Iraq, reduced their production for the month of August.
Al-Ghais said in a press statement followed by Al-Eqtisad News, that “Kuwait is one of the countries that increased its oil production alongside 7 other countries during the month of August, by 123 thousand barrels per day, so that its production becomes 2.288 million barrels per day, compared to 2.161 million barrels per day in July 2020.
He added, "Among the countries that have raised their production, Saudi Arabia tops the list by 475 thousand barrels per day, followed by the UAE with 180 thousand barrels, Algeria with 47 thousand barrels, and then Angola with 24 thousand barrels."
He pointed out that "four countries with a decline in oil production come first, with Iraq with 100,000 barrels, then Congo with 8,000 barrels, Gabon by 5,000 barrels per day, and finally Libya with two thousand barrels per day."
OPEC stated that global demand for oil will decline in 2020 more sharply than its previous forecast due to the Corona virus, and will recover at a slower pace than expected next year, which may make it more difficult for the organization and its allies to support the market.
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