The oil output of the 14-member Organization of the Petroleum Exporting Countries (OPEC) increased to 29,741,000 barrels per day in August, up 136,000 barrels per day! Saudi Arabia was the top member of OPEC by producing 9,805,000 barrels per day in August. Iraq was in the second place with 4,779,000 barrels per day. UAE as…
oil production
US Oil Wells Reduced but the Oil Output Strengthened!
Last week the whole number of #oil_wells in #US had decreased from 770 to 754 which is the lowest level in 18 previous months. Normally, by reduction of #oil wells, a fall in US #oil_production should be seen. Unlike the forecasts, we see a growth in efficiency of #US_oil_wells from 600 #oil_barrels per day to…