OPEC Records Three-Year High Oil Supply Output In June | Independent Newspapers Limited
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OPEC Records Three-Year High Oil Supply Output In June

Posted: Jul 6, 2015 at 1:25 am   /   by   /   comments (0)

By Phillip Oladunjoye, Lagos with agency report

The Organisation of Petroleum Exporting Countries (OPEC) has recorded a three year high in oil supply in June due to a record breaking output from Iraq and steady exports from Saudi Arabia.

According to a new survey by Reuters, the group pumped 31.63 million barrels per day in June, up from 31.3 million bpd in May, which was well above its current 30 million bpd target.

The report by Reuters noted that the output boost was driven by a 3 million bpd export surge in Iraq tied to a decision made by the Iraqi government earlier this year to divide its crude system into two grades.

It said Saudi Arabia’s June production numbers showed no signs of slipping from May’s record breaking performance of about 10.3 million bpd, adding that OPEC’s output also surged despite ongoing production and transportation problems in Libya where two rival governments were fighting for control of the oil rich nation.

The report noted that Nigeria managed to boost its output by 60,000 bpd in June despite loading delays at the Bonny terminal and the declaration of a force majeure on exports of Forcados crude.

The report noted that if the production figures were not revised, OPEC’s June oil supply would be the group’s largest since June 2012.