OPEC JUNE CRUDE OIL OUTPUT 32.49 MIL B/D, UP 220,000 B/D FROM MAY: PLATTS SURVEY

6 Jul 2017   OPEC

OPEC June crude oil output 32.49 mil b/d, up 220,000 b/d from May: Platts survey OPEC almost 600,000 b/d above ceiling, with Equatorial Guinea Rises in Libya, Nigeria, Saudi Arabia more than offset Venezuela drop Saudi output 9.97 mil b/d; Iran at 3.8 mil b/d Libya, Nigeria combined Jan-Jun average 380,000 b/d above Oct OPEC’s crude oil production has risen 500,000 b/d in the last two months , as the continued recoveries of Nigeria and Libya pushed the bloc’s output to 32.49 million b/d, according to the latest S&P Global Platts OPEC survey released July 6. The June output figure, an increase of 220,000 b/d from May , is a six-month high for the organization, complicating its efforts to hasten the oil market’s rebalancing through production cuts that went into force January 1. The production rises in Libya and Nigeria, which were exempted from the agreement as they recovered […]

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