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The latest OPEC survey .. Iraq increases its oil production slightly during the month of June
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2023-07-12 04:37
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Shafaq News/ OPEC and its allies kept their production of crude oil almost unchanged in June, with the implementation of large production cuts and additional restrictions by Saudi Arabia and Russia scheduled in the coming weeks, while Iraq increased its production slightly.
According to a survey prepared by S&P Global Commodity Insights, it was found that the 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, increased their production by 10,000 barrels to 41.34 million barrels per day.
This followed a significant drop of 670,000 bpd in May to its lowest level in 19 months, with seven countries joining Russia in introducing voluntary cuts. These cuts will remain in place until the end of 2023.
Saudi Arabia announced an additional cut of 1 million barrels per day in July and August at least, while Russia, which has already pledged to cut 500,000 barrels per day, said it would cut crude oil exports by 500,000 barrels per day next August.
The 13 OPEC nations increased their production by 70,000 bpd in June to 28.23 million bpd, led by modest increases in Iraq, Iran, Nigeria and Venezuela.
OPEC production growth was partially offset by a drop of 60,000 bpd from non-OPEC coalition members, which collectively pumped 13.11 mb/d.
Including voluntary cuts, the OPEC+ production shortfall against quotas was 1.1 mb/d - a compliance rate of 118.63%.
[You must be registered and logged in to see this link.]
[You must be registered and logged in to see this image.]
2023-07-12 04:37
Share
Font
Shafaq News/ OPEC and its allies kept their production of crude oil almost unchanged in June, with the implementation of large production cuts and additional restrictions by Saudi Arabia and Russia scheduled in the coming weeks, while Iraq increased its production slightly.
According to a survey prepared by S&P Global Commodity Insights, it was found that the 13-member Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia, increased their production by 10,000 barrels to 41.34 million barrels per day.
This followed a significant drop of 670,000 bpd in May to its lowest level in 19 months, with seven countries joining Russia in introducing voluntary cuts. These cuts will remain in place until the end of 2023.
Saudi Arabia announced an additional cut of 1 million barrels per day in July and August at least, while Russia, which has already pledged to cut 500,000 barrels per day, said it would cut crude oil exports by 500,000 barrels per day next August.
The 13 OPEC nations increased their production by 70,000 bpd in June to 28.23 million bpd, led by modest increases in Iraq, Iran, Nigeria and Venezuela.
OPEC production growth was partially offset by a drop of 60,000 bpd from non-OPEC coalition members, which collectively pumped 13.11 mb/d.
Including voluntary cuts, the OPEC+ production shortfall against quotas was 1.1 mb/d - a compliance rate of 118.63%.
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