OPEC increases oil production to a record high

Baku. 11 October. REPORT.AZ/ OPEC crude oil production increased for 0.48 percent or 160,000 bbl/d and reached record high of 33.64 million bbl/d in September. This is a new historic record. 

Report informs referring to annual report of International Energy Agency (IEA), Iraq and Libya are major contributors to new production record. Increase of production in these two countries has exceedingly compensated decrease in Angola and Saudi Arabia.

OPEC production boost resulted in 900 thousand bbl/d increase in comparison with the same period of 2015. The global crude oil supply increased for 0.6 million bbl/d.

Remarkably, non OPEC oil production also increased for 500 thousand bbl/d in yearly comparison and reached 56.59 million bbl/d. Canada reached 4.32 million bbl/d production with highest increase rate among non OPEC producers. Thus global crude oil supply was 97.2 million bbl/d in September. According to IEA, oil demand forecast is 96.3 million bbl/d for this and 97.5 bbl/d for next year.