London, England – The thirteen members of the Organization of Petroleum Exporting Countries (OPEC) pumped an average 32.47 million barrels per day (bpd) of crude oil in June, an increase of 230,000 bpd from May, 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 twelve members bound by OPEC output agreements pumped an average 29.98 million bpd in June, up from 29.75 million bpd in May, and 307,000 bpd in excess of their output target, according to the survey.
Saudi Arabia produced an average 9.45 million bpd, up 210,000 bpd from the previous month. The Saudi government had promised the boost during U.S. president George Bush’s visit in May. The Saudi government has since said it will increase output to 9.7 million bpd in July, in line with increased demand.
Other small increases came from Iran, Angola, Kuwait and Qatar, totalling 80,000 bpd. The only production decrease in June came from Nigeria, whose output fell by 60,000 bpd to 1.8 million bpd due to militant activity disrupting some operations. Iraqi output was largely unchanged, with a dip in exports offset by higher internal consumption.
“The Saudis did their part, raising their output precisely to the levels they promised,” said John Kingston, Platts Global Director of Oil. “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.”