Perhaps the most important guilty party of the shift in balance is Iran, the return of its commodity to the oil market. At the moment, about 40 million barrels of oil remain in storage. After reaching an agreement on the nuclear program and lifting of the sanctions, these volumes will be realized, most likely, in Europe.
This is followed by Saudi Arabia. As we know, OPEC produces more than the declared quota level. At present, the extraction is about 31 million barrels per day, while the quotas are only 30 million barrels. Furthermore, last month the Saudis expanded production by 25,000 barrels per day.
Last month Iraq managed to increase the output by 112 thousand barrels per day. However, the available capacity suggests increasing volumes. The respondents do not exclude the output growth to 3.75 million barrels in June, which indicates the increase by 26%.
One more representative of OPEC, which is able to surprise the markets with the return of some volumes, is Libya. By the end of next month, the production level can approach 800 thousand barrels per day. In other words, the figure will double, as a number of pipelines and export terminals are again engaged in the work.
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