At any rate, "the crude oil output is going to reach the peak level over the past 25 years since the shock caused by the Islamic revolution in Iran, OPEC's second largest oil producer," he pointed out.
OPEC's oil output in June will average more that 27 million barrels per day, a rise of 800,000 bpd against the previous month, the expert said.
"Despite OPEC's current record-high oil output and export, the global oil production is hovering near its maximum capacity, for even such major non-OPEC oil producers as Norway and Russia, like the majority of OPEC member-states, refuse to increase their oil exports at present," the OPEC analyst pointed out.
On June 3, at its extraordinary 131st session in Beirut, OPEC decided to increase its oil output and exports quotas by 2 million barrels per day, adding another 0.5 million bpd from August 1, which boosts the aggregate volume of officially approved crude production quotas to 26 million bpd (although, some OPEC members have been surreptitiously beating these quotas for a long time, taking advantage of the current high world oil prices).
