OPEC Oil Output Again Misses Target in June: Survey

The biggest decline from OPEC in June was in Libya, where supply dropped as unrest continued to curb the country’s output.  The second-largest decline of 80,000 bbl/d came from Nigeria.

Alex Lawler, Reuters

OPEC in June did not deliver on an oil output increase pledged under a deal with allies, a Reuters survey on July 1 showed, as involuntary declines in Libya and Nigeria offset supply increases by Saudi Arabia and other large producers.

OPEC pumped 28.52 million bbl/d in June, the survey found, down 100,000 bbl/d from May’s revised total. OPEC had planned to boost June output by about 275,000 bbl/d.

OPEC plus Russia and other allies, known as OPEC+, are unwinding 2020 output cuts made due to the pandemic, although many are struggling to do so. OPEC+ at a meeting on June 30 stuck to its planned output hike for August.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access