OPEC Oil production declines due to disturbances in Iraq, Libya

opec oil production declines due to disturbances in iraq libya OPEC Oil production declines due to disturbances in Iraq, Libya

(IraqiNews.com) The Organization of Petroleum Exporting Countries (OPEC) announced that its production of oil during July has decreased due to disturbances in Iraq and Libya.OPEC mentioned on its monthly report that ”The oil production has declined by (1000) Oil barrels and the countries that are not associated with OPEC are promoting the oil production by (170,000) oil barrels daily.”According to OPEC report ”It is expected that demands for Oil from OPEC will drop by (265,000) barrels daily while the oil sales offered outside OPEC will increase to reach (55) million oil barrels daily.”Iraq aims to double its Oil production during the next three years to reach (12) million oil barrels daily, while experts in the oil field doubt it due to political disputes and lack of infrastructure in Iraq. \END\

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