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OPEC continues to pump more crude in April


Vienna – The Organisation of Petroleum Exporting Countries (OPEC) oil output on Friday has continued to increase in April, gaining larger world market share, the oil cartel’s monthly report said.
“Total OPEC crude oil production in April averaged 32.44 mb/d, an increase of 188 tb/d over the previous month, crude oil output increased mostly from Iran and Iraq,’’ the report said.
It was the second consecutive month that the OPEC increased its oil output under the pressure of the low oil price market.
Iran has become the main thrust of the increase of the cartel’s crude production.
It benefited by western states sanction relief, Tehran’ oil output has increased from 2,837 thousand barrels per day in the year 2015 to 3,451 thousand barrels per day in April.
While it still has the capacity to pump more crude in the next months.
Meanwhile, OPEC saw the trend of decline of its rivals’ oil supply.
“Non-OPEC oil supply for 2016 is forecast to contract by 0.74 mb/d, seeing a minor downward revision of 10 tb/d from the previous report to average 56.40 mb/d.
“The share of OPEC crude oil in total global production increased to 34 per cent in April compared with the previous month,’’ OPEC reported.
The production cut has been a key issue in keeping the balance of the oil market since the oil price collapsed, however, world’s major oil producers fail to make a substantial agreement over the issue. (Xinhua/NAN)

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