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FINANCIAL NEWS
Iraq, KSA clinch 1st places upon whooping oil exports
17 Jun 2016
(MENAFN) OPEC oil output has went up in November from the prior month led by a recover in Iraqi exports after bad weather had temporarily halted supply growth from the group’s second-largest producer.
Accordingly, the surge illustrates the Organization of the Petroleum Exporting Countries is once again pumping close to a record high as Saudi Arabia and other big producers focus on market share.
OPEC supply has risen in May to 31.77 million barrels per day (bpd) from 31.64 million in April, and it is worth mentioning that it enhanced production by about 1.50 million bpd since its May-2015 policy shift.
Moreover, the largest monthly growth in production has come from Iraq, the world’s fastest growing source of supply growth this year, as its exports from southern terminals, have risen in May to at least 3.06 million bpd.
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