Wednesday 1 July 2015

OPEC CRUDE OIL PRODUCTION HITS THREE-YEAR HIGH

OPEC Crude Oil Production Hits Three-year HighDespite the clamour by the poorer members of the Organisation of Petroleum Exporting Countries (OPEC) for the cartel to reduce crude oil production due to the drop in prices, OPEC’s daily output climbed to a three-year high in June.

Saudi Arabia and Iraq hit record or near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports.
 

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