Eight out of 13 countries increase oil production in My, OPEC says


Shafaq News/ The Organization of the Petroleum Exporting Countries (OPEC) announced on Wednesday that eight out of 13 countries, including Iraq, increased their oil production last May.

OPEC said in a report the production of OPEC member countries of oil rose by 390,000 barrels per day (bpd) in the past month, to reach 25.463 million bpd, supported by increased supplies from Saudi Arabia, Venezuela, Iran and Iraq.

The report showed that "the largest increase is from Saudi Arabia, (345,000 bpd) followed by Venezuela (45,000 bpd).

"Iran came third (42,000 bpd), then Iraq (33,000 bpd), and consecutively Kuwait, the UAE, and Algeria.

The report indicated that "the largest decrease came respectively from Nigeria, Angola, Gabon, Congo and Equatorial Guinea.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

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