OPEC increased output most in June in a year
By Shubhangi on Jul 03, 2021 | 05:33 AM IST
OPEC
increased oil production the most in the month of June in a year as demand
rises with countries lifting restrictions.
The Organization
of Petroleum Exporting Countries increased production in June by 855,000
barrels a day to 26.47 million a day, reported Bloomberg.
With consumption
increases in US, Europe and parts of Asia, the oil producing countries are reviving
output.
OPEC
members have increased supplies last month with Saudi Arabia surging output by
490,000 barrels a day to 8.95 million a day.
Countries
like Iran which has been under the burden of sanctions and Venezuela going
through economic and industrial crises have also increased output in June.
The OPEC+
alliance, including Russia is discussing to increase output with demand
increasing.
(With
inputs from Bloomberg)
Picture
Credits: Bloomberg