July 14, 2007	Saturday	Jamadi-us-Sani 28, 1428

RIYADH, July 13: Opec’s crude production in June was considerably higher than its output ceiling, Platts said in its latest survey. The 10 members of the Organisation of Petroleum Exporting Countries (Opec) bound by the group's crude output agreements boosted production by 40,000 barrels per day to 26.6 million b/d in June.

This is well above the 25.8 million b/d production target set in February by the Opec 10.

Total Opec’s output, including volumes from Iraq and new member Angola, averaged 30.22 million b/d in June, slightly higher than the 30.21 million b/d in May, the survey showed.

Iraq does not participate in Opec’s output agreements, while Angola, whose membership of the group began in January, has yet to accept or be allocated any output target.

Small volume increases totalling 80,000 b/d from Angola, Iran, Nigeria and the UAE were almost completely offset by output decreases totalling 70,000 b/d from Iraq, Indonesia and Venezuela.

Nigerian production in May has been revised downward to 2.05 million from 2.13 million b/d. In June, the survey found Nigerian production to have risen to 2.08 million b/d from the revised May level.

The International Energy Agency has called on Opec to increase production ahead of the winter to ensure consumer stocks are adequate. The Opec has insisted that there is no current need for additional supply from its members but that it stands ready to produce more crude if this becomes necessary.