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Why OPEC’s output is finally on the rise after December low

Posted on 03 February 2014

OPEC’s oil output has risen in January from December’s 2-1/2-year low, due to a partial recovery in Libyan supply and higher shipments from Iraq and Iran. Output from the Organization of the Petroleum Exporting Countries averaged 29.94 million barrels per day (bpd), up from a revised 29.63 million bpd in December, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
The survey illustrates the potential for OPEC supply to rebound in 2014 if Libya, Iraq and Iran sustain higher output. That could put pressure on oil prices without cutbacks from other members………………………………………..Full Article: Source


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VRS - who has written 39513 posts on Opalesque Commodities Briefing.


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