(MENAFN- Trend News Agency ) Baku, Azerbaijan, June 12
By Leman Zeynalova – Trend:
According to secondary sources, total OPEC-14 crude oil production averaged 31.87 million barrels per day in May, an increase of 35,000 barrels per day from the previous month, OPEC said in its June Oil Market Report.
Higher production in Saudi Arabia, Algeria and Iraq was partially offset by decreased crude oil production, mainly in Nigeria, Venezuela and Libya, said the cartel.
The share of OPEC crude oil in total global production was unchanged at 32.6 percent in May, compared with the previous month, according to the report.
Estimates are based on preliminary data from direct communications for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.
In December 2016, at a meeting of oil producers in Vienna, 11 non-OPEC member countries agreed to cut oil production by a total of 558,000 barrels a day. The agreement was concluded for the first half of 2017 and was extended until the end of the first quarter of 2018 at a meeting on May 25, 2017.
At the last OPEC meeting in Vienna, the agreement was again extended until the end of 2018. Azerbaijan supported the decision.
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