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OPEC approves an increase of 12 thousand bpd in September

Category: Economy

Date: 2022-08-04T07:53:55+0000
OPEC approves an increase of 12 thousand bpd in September

Shafaq News/ The Organization of Petroleum Exporting Countries (OPEC) announced, on Thursday, that Iraq's share of September crude oil production would reach 12 thousand barrels per day after the OPEC+ is set to raise its oil output goal by 100,000 barrels per day.

The increase, equivalent to 0.1% of global demand, follows weeks of speculation that Biden's trip to the Middle East and Washington's clearance of missile defense system sales to Riyadh and the United Arab Emirates will bring more oil to the world market.

OPEC data shows the oil production for September 2022 as follows:

• Iraq's share: 4.663 million bpd.

• Saudi Arabia's share: 11.030 million bpd.

• Russia's share: 11.030 million bpd.

• Kuwait's share: 2.818 million bpd.

• OPEC's share would increase 64,000 barrels, bringing the total to 26.753 million barrels per day.

• OPEC allies' share would climb to 36,000 barrels, to reach 17.202 million barrels per day.

• OPEC + production would reach 43.955 million bpd

According to OPEC,  Iraq is the second-largest producer in the organization after Saudi Arabia, and the third largest producer in OPEC + after Saudi Arabia and Russia."

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