The 10 OPEC producers in the OPEC+ pact pumped 24.8 million barrels per day (bpd) of crude in June, OPEC data showed on Tuesday, with production falling 1 million bpd below target levels.
All 13 OPEC members produced 28.716 million barrels per day in June, up 234,000 barrels per day from May, according to secondary sources used by OPEC to track production in the monthly oil market report (MOMR).
However, the 10 producers in the OPEC+ pact produced 24.8 million bpd, which was 1 million bpd below OPEC’s own target of 25.864 million bpd for the 10 members for June.
Iran, Libya and Venezuela are exempt from the production pact.
Libya reported the biggest decline in output in June, as its output fell below 1 million barrels per day in each month in the second quarter due to ongoing unrest, protests and port blockades.
OPEC’s top producer Saudi Arabia naturally increased its crude output the most in June compared to May. Yet even the Saudis are behind their June quota, according to secondary OPEC sources. Saudi Arabia’s oil production rose by 159,000 barrels per day to 10.585 million barrels per day, OPEC said.
By comparison, Saudi Arabia’s target was 10.663 million bpd, so the Kingdom was 78,000 bpd below its quota last month, using data from a secondary source. But Saudi Arabia itself has reported to OPEC that its production figures are indeed in line with its target of 10.646 million barrels per day.
The UAE, the only other OPEC producer besides Saudi Arabia believed to have spare capacity to increase production, slightly exceeded its target as it produced 3.083 million bpd, against a quota of 3.075 million bpd.
Iraq, OPEC’s second-largest oil producer, was 75,000 bpd below its target, according to secondary OPEC sources.
The biggest laggard for several months is Nigeria. Oil production averaged 1.238 million barrels per day in June, while its quota was 1.772 million barrels per day.
This month and next, OPEC-10 targets are even higher as OPEC+ decided to speed up the unwinding of cuts and end them completely by the end of August. Saudi Arabia has a target of 10.833 million bpd for July and 11 million bpd for August.
By Tsvetana Paraskova for Oilprice.com
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