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OPEC member states decrease oil production

13 November 2017 20:33 (UTC +04:00)

The OPEC monthly oil market report was released on Monday, shedding light on decreased oil production among the member-states, APA reports quoting sputniknews.

The members of the Organization of the Petroleum Exporting Countries (OPEC) have decreased the oil production by 151,000 barrels daily (tb/d) to average 32.59 million barrels per day (mb/d) in October, comparable to the 2016 level, mainly due to declines in output in Iraq, Nigeria and Venezuela, as the organization said in its report published Monday.

"Crude oil output increased in Angola, Libya and Saudi Arabia, while production showed declines mainly in Iraq, Nigeria, Venezuela, Algeria and Iran," the organization’s monthly Oil Market Report for November read.