Opec crude production surges as Iraq pumps at record pace
[NEW YORK] Iraqi crude production climbed to a record this month, helping send Opec output to the highest level since August 2012.
Output by the Organization of Petroleum Exporting Countries climbed 744,000 barrels to 32.134 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month's total was revised 189,000 barrels lower to 31.39 million a day, because of changes to the Saudi, Iraqi, Algerian and Nigerian estimates.
Iraqi production rose 567,000 barrels a day to a record 4.388 million this month, according to the survey. Iraq, Opec's second-biggest producer, was responsible for more than half of the total gain this month.
Saudi Arabia, Opec's top producer, increased output by 150,000 barrels a day to 10.45 million in June, the most in monthly Bloomberg data going back to 1989. The kingdom exported more crude because of higher Asian demand.
Opec agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it's exceeded for 13 months, according to data compiled by Bloomberg.
BLOOMBERG
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
US, Philippines eye agreement to cut China nickel dominance
Oil eases on higher US crude output, hopes of Israel-Hamas ceasefire
Glencore now sees FY trading division profit between US$3 billion-US$3.5 billion
Hong Kong team plants seeds to safeguard legacy grains
Gold holds steady as investors focus on US Fed meeting
Chevron CEO expects ExxonMobil arbitration resolved in coming months