Free Trial

OIL: OPEC Oil Output Rises 70kb/d in June: Reuters

OIL

OPEC oil output rose in June for a second consecutive month, according to a Reuters survey. An increase in supply from Nigeria and Iran offset voluntary supply cuts by other members and the wider OPEC+ group.

  • OPEC pumped 26.70mb/d in June, up 70kb/d from May, according to a survey based on shipping data and industry sources.
  • Nigeria raised output by 50kb/d while Iran and Algeria showed smaller increases after completing oilfield maintenance.
  • Iraq showed the largest drop of 50kb/d but is still exceeding its OPEC+ target despite its pledges to compensate for previous overproduction by making additional cutbacks through 2024.
  • OPEC was around 280kb/d above its target for the nine members covered by supply cut agreements, the bulk coming from Iraq.
  • Output from Iran rose to 3.2mb/d which equals the highest since 2018 seen in November 2023, according to Reuters surveys.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.