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4 Arab countries raise output despite OPEC deal

February 12, 2018 1:10 PM
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4 Arab countries raise output despite OPEC deal

Four Arab countries raised their oil production in January despite the agreement made by the Organization of Petroleum Exporting Countries (OPEC), which entails reducing output in order to bolster oil prices.

OPEC and non-OPEC producers had agreed to trim production by 1.8 million barrels per day (bpd) until the end of 2018.

Iraq recorded the highest output increase in the first month of 2018 with 30,200 barrels, bringing its total production to 4.43 million bpd, data released by OPEC on Monday showed.

Saudi Arabia came in second with a 23,300 barrel-rise to 9.97 million bpd in january, followed by Libya with 21,000 barrels to 978,000 bpd.


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