FINANCIAL NEWS

Iraq, KSA rank on top upon whopping oil exports

02 Dec 2015

(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 Nov to 31.77 million barrels per day (bpd) from 31.64 million in Oct, and it’s worth mentioning that it enhanced production by about 1.50 million bpd since its Nov-2014 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 Nov to at least 3.06 million bpd.

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