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Nigeria Boosted OPEC Oil Output by 50,000 bpd in June, Survey Finds – This Day News

By This Day Business News 

OPEC oil output rose in June for a second consecutive month, a Reuters survey has found, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and the wider OPEC+ alliance.

The Organisation of the Petroleum Exporting Countries (OPEC) pumped 26.70 million barrels per day (bpd) last month, up 70,000 bpd from May, according to the survey based on shipping data and information from industry sources.

The increase comes despite OPEC+, which comprises OPEC and allies such as Russia, deciding last month to extend most of its output cuts until the end of 2025 to bolster the market in the face of tepid demand growth, high interest rates, and rising US production.

Nigeria raised output by 50,000 bpd and there were smaller increases from Iran and Algeria as oilfield maintenance was completed. The largest drop, of 50,000 bpd, was in Iraq, though the country is still exceeding its OPEC+ target.

OPEC pumped about 280,000 bpd more than the implied target for the nine members covered by supply cut agreements, with Iraq, still accounting for the bulk of the excess.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows – such as Petro-Logistics and Kpler – and information provided by sources at oil companies, OPEC, and consultants.

The cuts by OPEC and its partners, spearheaded by group leader Saudi Arabia, have had some success in balancing global markets against a tide of new supplies from the US and other parts of the Americas. Brent crude futures are trading near $87 a barrel, close to the highest in almost two months.

The recovery — while potentially painful for consumers still reeling from years of inflation — should bolster revenue for OPEC+ members, who largely rely on petroleum sales to cover government spending.

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