OPEC’s Output Rose to the Highest This Year

4 Jul 2017   OPEC

Crude production rises for second straight month, survey finds Libya and Nigeria added 130,000 barrels a day last month OPEC’s crude production rose to the highest this year in June as member nations exempt from output curbs pumped more. Members of the Organization of Petroleum Exporting Countries boosted their output by 260,000 barrels a day compared with May, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Half of the increase came from Libya and Nigeria, which are exempt from making cuts under the deal agreed between OPEC and its allies. Oil on Tuesday halted gains after the longest winning streak this year, with West Texas Intermediate dropping 0.5 percent to $46.82 a barrel by 12:30 p.m. Singapore time. Brent crude slid 0.6 percent to $49.40. OPEC began production cuts in January to reduce swollen global inventories and bolster the price of oil, which is […]

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