The ten OPEC producers of the OPEC + pact pumped 24.8 million barrels per day (bpd) of crude oil in June, OPEC data showed on Tuesday, with production falling 1 million bpd per below target levels.
The 13 OPEC members produced 28.716 billion bpd in June, up 234,000 bpd from May, according to secondary sources used by OPEC to track production in its Monthly Oil Market Report (MOMR). ).
The 10 producers in the OPEC + pact, however, produced 24.8 million bpd, 1 million bpd below OPEC’s own target of 25.864 billion bpd for the ten members for June.
Iran, Libya and Venezuela are exempt from the production pact.
Libya experienced the largest drop in production in June, as its production fell below 1 million bpd in each of the months of the second quarter due to continued riots, protests and blockades of ports.
Saudi Arabia, OPEC’s main producer, naturally increased its crude oil production at most in June compared to May. However, according to OPEC secondary sources, even the Saudis were lagging behind in their June quota. Saudi Arabia’s oil production rose by 159,000 bpd to 10.855 billion bpd, OPEC said.
For comparison, the Saudi target was 10.663 billion bpd, so the Kingdom was 78,000 bpd below its quota last month using secondary source figures. But Saudi Arabia told OPEC that its production figures were in line with its target: 10.646 billion bpd.
The United Arab Emirates, the only other OPEC producer apart from Saudi Arabia that is believed to have spare capacity to increase production, slightly exceeded its target, producing 3.083 billion bpd, compared of a share of 3.075 billion bpd.
Iraq, OPEC’s second-largest oil producer, was 75,000 bpd below its target, according to secondary OPEC sources.
The most backward for several months has been Nigeria. Its oil production averaged 1.238 billion bpd in June, while its share was 1.722 billion bpd.
This month and next, the targets for OPEC-10 are even higher, as OPEC + decided to speed up the withdrawal of the cuts and leave them completely canceled at the end of August. Saudi Arabia has a target of 10.833 billion bpd for July and 11 million bpd for August.
By Tsvetana Paraskova for Oilprice.com
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