OPEC surges oil output to maximum

Oil prices may drop to 20 USD per barrel in 2017

Baku. 12 July. REPORT.AZ/ Oil production from the Organization of the Petroleum Exporting Countries (OPEC) crude oil output surged 300,000 barrels per day (b/d) in June, close to an eight-year high of 32.73 million b/d, as production in Nigeria and Libya tentatively recovered along with steady increases for Saudi Arabia and Iran, Report informs referring to the S&P Global Platts survey of OPEC and oil industry officials.

OPEC’s 300,000-barrel-per-day output rise in June, boosted by fragile recoveries in Libya and Nigeria, and the unrelenting rise in Iran and the increase in Saudi Arabia, sends a strong message over its unwavering market share strategy. The largest rise in output came from Nigeria, where production rose 150,000 b/d to 1.57 million b/d, due largely to the return of its largest export gradeThe bloc's top producer, Saudi Arabia, increased its output further to produce an average 10.33 million b/d in June in order to meet domestic demand.

"Oil prices may drop to to 20 USD per barrel in 2017", Venezuelan oil minister Euologio del Pino said on June 18. 

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