opec production highest in 3 years
Last Updated : GMT 08:31:41
Arab Today, arab today
Arab Today, arab today

OPEC production highest in 3 years

Arab Today, arab today

Arab Today, arab today OPEC production highest in 3 years

Paris-based IEA
Paris - UPI

Output from Iraq, Saudi Arabia and the United Arab Emirates helped boost OPEC oil production to a three-year high, the International Energy Agency said Friday.

The Paris-based IEA said in its market report for June production from the 12-member Organization of Petroleum Exporting Countries reached 31.7 million barrels per day, an increase of 340,000 bpd from May and the highest level in three years.

A survey earlier this week from energy reporting service Platts found OPEC production in June surged for the fourth straight month. Saudi Arabia, the de facto leader of OPEC, produced an average 10.3 million bpd in June and Iraq increased production by 330,000 bpd to more than 3 million bpd.

The IEA added output from the U.A.E. helped stimulate overall production from the 12-member group.

OPEC, in its monthly market report for May, said production outside the group was expected to grow by 680,000 bpd, well below last year's growth of 2.17 million bpd.

In its report, IEA said the growth in global oil production was "impressive," with OPEC accounting for about 60 percent of the year-on-year gains. Outside of OPEC, the situation was bogged down by the pressure from a weak crude oil market.

"Non-OPEC supply growth is expected to grind to a halt in 2016, as lower oil prices and spending cuts take a toll," the monthly market report said.

Low oil prices, down about 40 percent from June 2014, has forced energy companies to spend less on exploration and production, the upstream side of the energy sector. A monthly survey from oil services company Baker Hughes finds upstream activity increased only in the Middle East and Africa.

The upstream sector is nevertheless stabilizing and short-term production levels are on the rise. The U.S. Energy Information Administration in a weekly report released Wednesday said the 9.6 million bpd production from U.S. basins for the week ending July 3 was 13.3 percent higher year-on-year.

EIA Administrator Adam Sieminski said the expected 2015 average of 9.5 million bpd is the highest production level in 45 years. A decline, however, is expected through 2016 as a result of low oil prices and drilling activity.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec production highest in 3 years opec production highest in 3 years

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

opec production highest in 3 years opec production highest in 3 years

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today PNG police start removing refugees

GMT 03:00 2017 Friday ,24 November

PNG police start removing refugees
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria congress to go ahead

GMT 02:24 2017 Friday ,24 November

Syria congress to go ahead
Arab Today, arab today IS media offline for a day

GMT 02:10 2017 Friday ,24 November

IS media offline for a day
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today British woman jailed in Iran to appear

GMT 03:19 2017 Friday ,24 November

British woman jailed in Iran to appear
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mitsubishi Materials units falsified product

GMT 03:24 2017 Friday ,24 November

Mitsubishi Materials units falsified product
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 09:12 2017 Thursday ,23 November

4 in 10 cancers due to modifiable risk

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday