The Organization of the Petroleum Exporting Countries' (OPEC) oil output has risen in June to its highest in recent history as Iran and the Gulf member states boosted their oil supply.
The OPEC member-states registered their collective budget deficit of $99.6b in 2015, the first since 1998, according to the OPEC official annual report.
Algeria's oil and gas output is moving back to growth after years of stagnation, helped in part by increased production at the North African OPEC member's existing fields.
Head of Russia's top oil producer Rosneft said that Saudi Arabia, the United States and Russia were the three main players on global oil markets and the role of OPEC was evaporating.
The Organisation of Petroleum Exporting Countries has urged Nigeria to sustain its ongoing energy reforms in order to succeed in transforming the country.