OPEC announces increase in oil production

By Bayonle

The amount of crude oil produced in last Month, Febuary was around 150,000 per barrel which  was higher than the one of January according to a research.

According to the report, OPEC produced 28.97 million barrel per day of crude oil as hydrocarbon drastically increased just in the Month of February but only 700,000 barrel per day which was reduced to the one of September last year.

As a result of sharp decline in the demand of Petroleum, OPEC which is in charge of production of about 40 per cent of the world crude oil got affected by this sharp decline.

Although, when there was a high demand sometime last year, the organisation was able to come up a little bit in its oil out put.

The Organization of the Petroleum Exporting Countries (OPEC) started reducing its production targets in September because of the little changes which just took place in October.

But the OPEC as at this time, was giving its output as low as 3millions barrel per day while the reduction could be seen as mainly as a sign that the oil price had reduced from $120 pms to less than $90 pms and this has made OPEC in proceeding to make the oil markets stronger as it has  reduced its production targets by 2million barrel per day.

The production for the 10 OPEC nations who are a part of the larger OPEC including the pact that fell 800,000 bpd was unable to achieve its out put goals in last month, February. Which has drawn its members closer to realizing its goals than the way they did in the month of January when they made a production of 920,000 which is fewer barrel per day than the way they hoped.

It was gathered in our report that Nigeria was the one who made it possible for OPEC’s highest production of output gain in the month of February, making it possible to produce about 100,000 crude oil barrel per day.

While second highest production took place in Iraq with 80,000 barrel per day decreased in crude oil production in Angola.