OPEC production has recorded the highest record level , led by Iraq, Libya

Views 28 Date 10/01/2016 - 15:47Economy News / Continue ...

A survey conducted by a global news showed that the Organization of Petroleum Exporting Countries "OPEC" production is likely to record its highest level in modern history in September, with the increase in exports from the north of Iraq at a time when Libya returned the opening of some major oil ports.

The increase comes despite the diminished production of Saudi Arabia's largest oil exporter in the world and the agreement of Member States in OPEC this week in Algeria to restrict production to support prices in the first decision of its kind since 2008.

OPEC production rose to 33.6 million barrels per day in September from 33.53 million bpd in the amended for the month of August reading, according to the survey which was based on shipping data and information from sources in the sector.

This increase in production to receive further doubts on OPEC's ability to determine the size of the new production target, which ranges between 32.50 and 33 million barrels per day, a task left to the minister while meeting will be held in November.

Oil rose to near $ 50 a barrel on Thursday, but it was trading near $ 49 on Friday.

Said Barney Childrob, chief commodities market has As.aa.ba "The agreement still has some difficult negotiations to determine the ceiling of production of each Member State ... Now that became OPEC reduction [of production] on the table for the first time in eight years, Brent crude is unable even to rise above $ 50. at least not yet. "

Production has risen since OPEC abandoned in 2014 for its historic role of capping production to support prices, pumping Saudi Arabia, Iran and Iraq more crude. Production by the return of Indonesia also jumped in 2015 and Gabon in July to the membership of the organization.
OPEC production in September, with the exception of Gabon, Indonesia is the highest in the Reuters survey, which began in 1997 at 32.65 million barrels per day, a record.

In September, Iraq and Libya led to increase the Organization's production, and began the government of Iraq's oil marketing company "Sumo" and Kurdistan crude exports from Kirkuk oil fields jointly again which led to the increase are putting Iraq on the market to 4.43 million barrels a day in September according to the survey.

And in Libya's National Oil Corporation opened three ports were closed in the past, allowing the company Arabian Gulf Oil "Ojoko" of the Foundation, which operates mainly in the east of the country to increase their production.

The decline in the production of Saudi Arabia from the record levels recorded earlier in the summer, according to sources in the survey he said.

It was not immediately signals to increase the production of Nigeria, which is shrinking due to attacks targeted oil installations appear.

It is supposed to increase production in October if successful efforts to return to the production of Khami Kwa Eboue and Forcados.

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