OPEC Output Up to Seven-Month High in June

TradeArabia – Opec’s oil output rose to a seventh-month high in June as Iraq began exporting crude from its northern fields via a Turkish port after a break of almost a year, a survey found. Crude production by the 11 members of Opec rose 240,000 barrels per day in June to 29.78 million bpd, the survey of consultants, shippers, industry and Opec sources showed…

But the survey also showed that output from the 10 Opec members bound by supply limits, all except Iraq, remained below their 28 million bpd target for a sixth month this year.

Saudi Arabia kept supply steady in June at 9.2 million bpd, suggesting production has yet to rise from April, when the kingdom cut output due to lower seasonal demand.
TradeArabia