OPEC decides to raise oil supply by one mln bpd

The Organization of Petroleum Exporting Countries (OPEC) announced on Friday an increase of oil output by one million barrel per day (bpd).

This came at the end of the 174th ministerial meeting of OPEC late Friday.

Speaking at a news conference, President of OPEC and UAE’s Energy Minister Suhail Al Mazrouei said oil ministers discussed deeply reports prepared by the Joint Ministerial Monitoring Committee (JMMC), which took into consideration positive developments, improvement at the oil markets and future expectations for the next six months of 2018.

He added that OPEC oil ministers noticed that member states exceeded levels of oil cut by 152 percent last May.

Thus, it is inevitable to return to the agreed-upon level by OPEC at the 171th meeting of conference on November 30, 2016, through raising output one million bpd, he stressed.

Meanwhile, Saudi Arabia’s Energy Minister Khaled Al-Faleh who presided over the IMMC said there was an agreement on pumping about one million bpd, despite reports that Iran has observations on this decision.

This rise will contribute greatly to meeting expected additional demands in the second half of this year, he pointed out.

Source: Kuwait News Agency