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OIL
OPEC+ boosts June crude production by 390,000 b/d according to Platts survey, but still falls well short of quota.
- OPEC's 13 members pumped 28.83 million b/d in June, up 210,000 b/d from May, with steady gains posted by Saudi Arabia, Nigeria, Angola and the UAE.
- The nine countries partnering with the producer group produced 13.26 million b/d, a rise of 180,000 b/d, amid a recovery in Russian output, which offset major maintenance in Kazakhstan.
- Combined, OPEC+ crude production rose to a three-month high of 42.09 million b/d of June according to the survey.
- In June, the coalition underproduced its collective targets by 2.70 million b/d.
Source: Platts
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.
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