Saudi Arabia’s production rose to 9.729 million bpd in June, retaining its top ranking as OPEC’s largest producer. Iraq, suffering from a sharp decline in production due to internal conflict, still managed to produce 3.161 million bpd, placing it at the second place. UAE’s production rose to 2.780 million bpd and Kuwait’s was at 2.758 million bps for the third and fourth place respectively.
Traditionally, Iran was OPEC’s second largest producer. Prior to oil sanctions, Iran made some $100 billions a year in oil export revenues. Despite that, the country invested very little in oil infrastructure. The absence of long-term investment, coupled with oil sanctions, has caused the decline in production.
File photo: IRNA