The Organization of Petroleum Exporting Countries daily production output leaped to a three-year high in June, despite the call of output reduction by poorer producing nations.
The daily output of the Organization of Petroleum Exporting Countries, OPEC, soared to a three-year high in June, despite the call of output reduction by poorer producing nations.
Saudi Arabia and Iraq hit record or near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports.
Riyadh and its gulf allies have opposed any reduction in OPEC’s output, so as not to lose market share to shale oil.
Due to the loading delays at the Bonny export terminal and a force majeure on exports of Forcados crude, Nigeria’s output increased by only 60,000 barrels per day.
Reuters survey revealed that the boost from OPEC puts output further above its target of 30 million barrels per day (bpd) and comes despite outages in the two countries.