Monday, November 29, 2021

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Major oil exporting countries increase pumping

Major oil exporting countries increase pumping

Vienna, May 12 (Prensa Latina) The Organization of the Petroleum Exporting Countries (OPEC) reported that their joint production increased to 25.08 million barrels a day (mbd) in April.
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The data corresponds to 13 partners and accounts for 26,000 barrels a day (bd) more than in March, mainly due to the work of Iran, Saudi Arabia and Nigeria.

The report indicated that the country with the highest increase in its extractions was Nigeria, totaling 1,548,000 bd last month, which represents a rise of 75,000 bd compared to March.

Iran and Saudi Arabia are next, with additional 73,000 and 34,000 bd to the market, respectively, increasing their extractions to 3.92 and 8.13 million bd.

Furthermore, OPEC maintained its prediction of a strong recovery in the world’s oil demand in 2021.

It also raised its forecast for global demand to 5.95 million bd this year, or 6.6 percent.

OPEC and its allies, known as OPEC+, agreed in April to gradually ease oil production cuts starting in May.

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