All 13 OPEC members produced 28.716 million bpd in June, up 234,000 bpd from May, according to secondary sources used by OPEC to track output in the Monthly Oil Market Report (MOMR).
However, the 10 producers in the OPEC+ pact produced 24.8 million bpd, which was 1 million bpd below OPEC’s target of 25.864 million bpd for the ten members for June.
Iran, Libya and Venezuela are excluded from the production pact.
Libya saw the largest output decline in June, as output fell below 1 million bpd in each of the second quarter months due to ongoing unrest, protests and port blockades.
OPEC’s top producer, Saudi Arabia, naturally increased crude oil output by the maximum in June compared to May. However, according to secondary OPEC sources, even the Saudis fell short of their June quota. Saudi Arabia’s oil output rose 159,000 bpd to 10.585 million bpd, according to OPEC.
By comparison, Saudi Arabia’s target was 10.663 million bpd, so the Kingdom was 78,000 bpd below its quota last month using secondary source data. However, Saudi Arabia reported to OPEC that its production figures were indeed in line with its target—10.646 million bpd.
The United Arab Emirates, the only other OPEC producer besides Saudi Arabia believed to have spare capacity to boost output — slightly exceeded its target as it produced 3.083 million bpd, against a quota of 3.075 million bpd.
Iraq, OPEC’s second-largest oil producer, was 75,000 bpd below its target, according to secondary OPEC sources.
The biggest laggard for several months has been Nigeria. Its oil production averaged 1.238 million bpd in June, while its quota was 1.772 million bpd.
This month and next, the targets for OPEC-10 are even higher as OPEC+ has decided to accelerate the rollback of cuts and fully unwind them by the end of August. Saudi Arabia has a target of 10.833 million bpd for July and 11 million bpd for August.
By Tsvetana Paraskova for Oilprice.com
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