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A slight decline in Iraq's production and an increase in the production of OPEC countries
Economical 01/19/2023
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aghdad: morning
OPEC announced that the oil production of the 13 member states of the organization rose to 28.971 million barrels per day during last December, an increase of 91 thousand barrels per day compared to last November, due to the increase in the production of Nigeria and Angola, while the production of Iraq decreased slightly.
According to the OPEC monthly report, “the largest increases came first from Nigeria, as its oil production increased by about 91 thousand barrels per day to reach 1.267 million barrels per day, followed by Angola, with an increase of 42 thousand barrels per day, followed by Libya, with an increase of 17 thousand barrels per day, then Venezuela, with an increase of 13.” One thousand barrels per day, and also Iran, with an increase of 9 thousand barrels per day, and then Saudi Arabia, with a slight increase of 4 thousand barrels per day.
She pointed out that "the countries whose production decreased, Kuwait came at the top of the group, with a decrease of 35,000 barrels per day, followed by the Congo, with a decrease of 18,000 barrels per day, then Algeria, with a decrease of 11,000 barrels per day, and the UAE, with a decrease of 9,000 barrels per day, while Iraq's production decreased significantly." Slight, reaching 4,000 barrels per day, bringing its production to 4,480 million barrels per day.
The Organization of the Petroleum Exporting Countries (OPEC) maintained expectations for oil demand growth this year at the level of 2.2 million barrels per day, which is identical to the organization’s expectations announced last month, as OPEC expects the average daily demand in 2023 to reach 101.77 million barrels per day.
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