Saudi Oil Production Surges By Over 400,000 Barrels In June: OPEC

The energy community was looking with particular interest to the latest, just released July OPEC monthly report, for signs of the promised – if only by Saudi Arabia – boost in oil output, and it got what it was looking for, if to a lesser extent than some had expected: in June, OPEC’s collective oil production rose by 173Kb/d to 32.327MM, according to secondary sources.

While the total production rose to the highest level in months, it was well below both year end 2016 and 2017 production, both of which were above 32.6MM as a result of production declines and stoppages among some key OPEC members.

In June, Crude output was boosted mostly in Saudi Arabia, where it increased by over 400K to 10.420mmb/d, with Iraq, Nigeria, Kuwait and UAE also increasing their monthly production. On a self-reported basis, Saudi said it had boosted output by 459kb/d, bringing the total to 10,489mmb/d…


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