OPEC Oil Output Climbs For Second Month, Driven By Nigeria And Iran
Oil output from the Organization of the Petroleum Exporting Countries (OPEC) for a second consecutive month in June, according to a Reuters survey. The rise in production was attributed to higher supply from Nigeria and Iran, which counterbalanced voluntary supply cuts by other OPEC+ members.
In June, OPEC produced 26.70 million barrels per day (bpd) up 70,000 bpd from May. This increase occurred despite OPEC+ deciding last month to extend most of its output cuts until the end of 2025.
Nigeria's output rose by 50,000 bpd, while smaller increases were observed in Iran and Algeria as oilfield maintenance was completed. Iraq experienced the largest drop in production, with a decrease of 50,000 bpd. However, Iraq is still exceeding its OPEC+ target.
OPEC pumped approximately 280,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq accounting for most of the excess.
Iranian output reached 3.2 million bpd in June, matching a rate posted in November 2023 and marking the highest level since 2018. Iran is currently selling crude oil to 17 countries, according to Oil Minister Javad Owji's statement to the semi-official Mehr News Agency. This indicates that some nations may not be adhering to US sanctions that remain in place.
The Reuters survey aims to monitor supply to the market using shipping data from external sources, LSEG flows data, information from companies tracking flows such as Petro-Logistics and Kpler, and input from sources at oil companies, OPEC and consultants.
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