OPEC Output Up In June Despite Iraqi Outages

Output from OPEC’s 12 members rose for the third month running in June, as production increases in Saudi Arabia and the group’s two West African members more than made up for a 100,000 b/d-plus fall in Iraq, where Jihadists last month overran the north of the country threatening key oil infrastructure.

Crude output from the UAE was also up in June versus May levels, a MEES survey of OPEC production shows, as exports to the Far East rose to meet peak summer demand.

MEES estimates put total output from the producer group at 30.05mn b/d in June, up 110,000 b/d on an upwardly revised 29.94mn b/d in May (see table). This pushed output above the group’s nominal 30mn b/d target, which has been in place since December 2011.


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