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OPEC Crude Output Rises To 32.47 Million Barrels Per Day In June
London, UK (SPX) Jul 24, 2008 The 13 members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 32.47 million barrels per day (b/d) of crude oil in June, an increase of 230,000 b/d from the May level of 32.24 million b/d, according to the latest Platts survey of OPEC and oil industry officials. Higher volumes from Saudi Arabia accounted for almost all of the increase. Excluding Iraq, the 12 members bound by OPEC output agreements pumped an average 29.98 million b/d in June, up from 29.75 million b/d in May, and 307,000 b/d in excess of their 29.673 million b/d output target, the survey showed. Saudi Arabia produced an average 9.45 million b/d, which is up 210,000 b/d from the previous month. The Saudi government, during US President George Bush's visit in May, said that it would boost output to 9.45 million b/d in June. The government has since said it will increase output further in July, to 9.7 million b/d, in line with increased demand. Other smaller increases totaling 80,000 b/d came from Iran, Angola, Kuwait and Qatar. The only production decrease in June came from Nigeria, whose output fell 60,000 b/d to 1.8 million b/d as militant activity disrupted some operations. Iraqi output was largely unchanged; a dip in exports was offset by higher internal consumption. "The Saudis did their part, raising their output precisely to the levels they promised," said Platts Global Director of Oil John Kingston. "It isn't clear whether this additional Saudi crude is going to go into consumption or inventory, but either way, it should find a home." Community Email This Article Comment On This Article Share This Article With Planet Earth
Related Links Platts Guide to OPEC Powering The World in the 21st Century at Energy-Daily.com
Analysis: Chavez, Medvedev talk oil, arms 
Miami (UPI) Jul 23, 2008 Venezuela and Russia forged new energy ties Tuesday and discussed a possible military alliance between Moscow and Caracas on Venezuelan soil. |
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