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OPEC+ Output Edged Down Up June: Platts Survey

OIL

OPEC+ crude production edged up by 10kbpd on the month to 41.34mbpd in June according to the latest Platts survey by S&P Global Commodity Insights.

  • This followed a 670kbpd drop in May to a 19-month low, with seven countries joining Russia in introducing voluntary cuts.
  • OPEC's 13 countries increased their output by 70kbpd in June to 28.23mbpd, led by modest increases in Iran, Iraq, Nigeria and Venezuela.
  • In comparison, Argusmedia sees OPEC-13 output for June at 28.41mbpd, compared with 28.25mbpd a month earlier.
  • Saudi Arabia, produced 9.99mbpd in June, slightly above its quota. Saudi Arabia announced a further 1mbpd cut for at least July and August, while Russia said that it would lower crude oil exports by 500kbpd in August.
  • Russian output declined by 30kbpd to 9.42mbpd.
  • Both the IEA and OPEC will publish their monthly oil market report this week.
Energy BulletsCommodities
Energy BulletsCommodities

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