Oil production in OPEC rose to record levels

A worker walks past oil rigs

According to research by Bloomberg, in September, the record of oil production in OPEC countries has been updated — the total production of the cartel were 33.75 million barrels. a day. According to the latest official figures for August of OPEC, daily production was of 33.24 million barrels. According to Bloomberg, the increase of oil production was 170 thousand barrels. a day. A study the Agency compiled on the basis of poll of analysts, and information from oil companies and data on the supply of oil.

According to Bloomberg, the record was achieved due to increased production in Libya and Nigeria by 190 thousand barrels per day to 340 thousand barrels. and 1.5 million barrels. per day, respectively. Production growth in these countries offset the decline in Saudi Arabia and Angola (60 thousand and 40 thousand barrels. respectively). Iran in September increased its oil production to 10 thousand barrels. (to 3.63 million barrels. a day).

The OPEC countries on September 28 the talks on the sidelines of the International energy forum in Algeria failed to agree on reducing oil production to 32.5–33 million barrels. a day.The exact parameters of the agreement (the time of entry into force and duration, the exact size of the reduction and individual quotas for each country) are to be installed at the next OPEC meeting in November in Vienna. It is expected that the freeze would be released from Libya, Nigeria and Iran, the production of which was limited for a long time.

The transaction had a positive effect on oil prices — a barrel of Brent crude oil for the week rose by more than $5 (with $45,77 at the time of the transaction to $51,20 18:35 GMT 4 Oct).

The head of the energy Ministry of Russia Alexander Novak during the investment forum in Sochi on 30 September said that Russia will respond to proposals by OPEC to freeze after the next two months will be developed the mechanism of reducing the oil production. Novak noted that in case Russia will join the efforts to freeze, it does not hurt to introduce a new field in 2016.