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OPEC Crude Production Steady on Month in June: Bloomberg

OIL

OPEC’s crude production was steady for the third month, while some members continued to exceed their quotas, according to Bloomberg.

  • OPEC produced an average of 26.98m b/d in June, down 80k b/d on the month, according to a Bloomberg survey.
  • The fall was driven by small reductions from Iraq and Nigeria.
  • The survey showed that Iraq and the UAE have yet to fully implement cutbacks agreed with other members.
  • Iraq has also failed to implement additional compensation curbs. Iraq’s output fell by 30k b/d on the month to 4.25m b/d, above their quota of 4m b/d.
  • Saudi Arabia’s production was largely steady at 8.99m b/d.
  • Bloomberg’s survey is based on ship-tracking data and information and estimates from consultants including: FGE, Kpler, and Rapidan.
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