OPEC oil output jumps to 2017 high as Nigeria, Libya pump more

1 Jul 2017   OPEC

OPEC oil output has risen in June by 280,000 barrels per day (bpd) to a 2017 high, a Reuters survey found, as a further recovery in supply from the two member countries exempt from a production-cutting deal offset strong compliance by their peers. High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC’s adherence with its supply curbs at a historically high 92 percent in June, compared with 95 percent in May, the survey found. But extra oil from Nigeria and Libya, exempted from the cut because conflict curbed their output, means supply by the 13 OPEC members originally part of the deal has risen far above their implied production target. The recovery adds to the […]

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