OPEC: Worst period in oil market left behind

OPEC: Worst period in oil market left behind OPEC expected to increase production quotas
Energy
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June 2, 2016 16:44
OPEC: Worst period in oil market left behind

Baku. 2 June. REPORT.AZ/ Worst period in oil market left behind. 

Report informs citing the RIA Novosti, Secretary General of OPEC Abdullah Salem al-Badri said in an interview with reporters before the summit kicked off today in Vienna.

Maximum limit of oil production in OPEC countries expected to discuss in Vienna.

Analysts forecast new production quota of 32.5 mln barrels/day.

Although oil production quotas set at 30 million USD barrels/day, OPEC does not comply with this limit for a long time. 

Thus, the daily average production by member states in March was 3247 mln barrels (8.2% more than quota) in April - 32.64 mln barrels (8.8% more than quota). 

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