OPEC figures show June oil output rise led by exempt nations: sources

12 Jul 2017   OPEC

OPEC oil output has risen in June by more than 300,000 barrels per day, (bpd) according to figures the exporter group uses to monitor its supply, as a recovery in two nations exempt from a supply cut deal countered high compliance by many others. The Organization of the Petroleum Exporting Countries agreed to cut output by about 1.2 million bpd from Jan. 1 to reduce a glut and support prices LCOc1. Russia and 10 other non-OPEC states agreed to cut half as much. Including Nigeria and Libya, which are exempt from the deal, output by all 13 OPEC members in June rose to about 32.47 million bpd, according to the average assessments of secondary sources OPEC uses to monitor its output. The figures were seen by Reuters. That would be up 330,000 bpd from OPEC’s […]

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