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OPEC reaches three-year record oil production

Posted on July 1, 2015 by Grace Montealegre

Despite problems related with the contraction of oil prices, the Organization of Petroleum Exporting Countries (OPEC) has kept firm with the decision of maintaining their production levels unaltered, not giving away their market share. As a result, in June, OPEC reached its highest level of production of the past three years.

According to a poll carried out by Reuters, in the sixth month of the year, the bloc produced 31.6 million barrels per day (bpd) of crude oil, which is 1.3 million more than the 31.3 registered in May. The information collected by the agency shows that the increase in the pace of oil production is primarily due to the activity in Iraq and Saudi Arabia, which is near record levels. Nevertheless, this positive dynamic could have a counter-productive effect by applying downward pressure on the barrel’s quotation levels.

Meanwhile, Iran’s return to the market, which depends on the removal of the sanctions imposed by Western powers, has been postponed. The deadline to reach an agreement about the end of Teheran’s nuclear program was extended to July 7th.

La Nota Economica - Media Partner