Opec oil output hits 3-year high
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LONDON: Opec oil supply in June has climbed to a three-year high due to record or near-record output from Iraq and Saudi Arabia, a Reuters survey found, underlining the focus of the group’s top exporters on market share.
The boost from the Organisation of the Petroleum Exporting Countries (Opec) puts output further above its target of 30 million barrels per day (bpd) and comes despite outages in Libya and Nigeria that curbed supplies.
Opec supply has risen in June to 31.60m bpd from a revised 31.30m bpd in May, according to the survey, based on shipping data and information from sources at oil companies, Opec and consultants.
The group has raised output by more than 1.3m bpd since it decided in November 2014 to defend market share rather than prices.
A final deal between world powers and Iran over Tehran’s nuclear work could add to supplies.
Published in Dawn, July 1st, 2015
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