Breaking News
0

OPEC Output Surges in June as Saudi Arabia Leads Production

CommoditiesJul 11, 2018 07:58AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. OPEC production rose in June.

Investing.com- Crude oil production by OPEC countries rose in June, the Organization of the Petroleum Exporting Countries and Russia stated in its monthly report.

Total production of OPEC countries rose by 173,000 barrels per day (bpd) in June to 32.3million bpd. The boost was lead by supply increases from Saudi Arabia, which pumped nearly 10.4 million bpd last month, up from 10 million bpd in May, according to independent sources. Meanwhile production declines in Venezuela and Libya continued.

OPEC agreed in June to raise output at a nominal increase of 1 million barrels a day (bpd) amid pressure from the U.S. to decrease prices. While OPEC members are expected to add around 700,000 barrels a day, non-OPEC oil suppliers led by Russia would add the rest. 

Global oil demand growth will slow to 1.45 million bpd in 2019 from 1.65 million bpd in 2018, the organization said. The forecast for 2018 was unchanged.

Non-OPEC oil supply in 2019 is forecast to grow by 2.1 million bpd, unchanged from 2018, as supply in North America increase and new projects in Brazil take off. Meanwhile U.S. shale oil growth is expected to slow down in the second half of 2018 and continue into 2019 amid capacity constraints.

However the forecasts are made with the assumption that trade tariffs are not increased and current trade disputes are resolved, the organization said. Global markets have been on edge in recent months amid trade battles between the U.S. has taken against China, Europe and other countries.

"Hence, if trade tensions rise further, and given other uncertainties, it could weigh on business and consumer sentiment," OPEC said. "This may then start to negatively impact investment, capital flows and consumer spending, with a subsequent negative effect on the global oil market."

After the report, U.S. West Texas Intermediate (WTI) crude futures fell 0.93% to $73.42 a barrel by 8:12 AM ET (12:12 GMT).

Brent crude futures, the benchmark for oil prices outside the U.S., decreased 1.65 cents, or 2.10%, to $77.20 a barrel.

OPEC Output Surges in June as Saudi Arabia Leads Production
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email