Oil & Gas
OPEC crude production rises in June led by gains in Nigeria
OPEC’s crude production increased by 240,000 barrels a day in June to 32.88 million as Nigeria raised output following repairs to some infrastructure damaged by militant attacks.
Nigeria pumped an average 1.53 million barrels a day last month, a gain of 90,000 a day from May, according to a Bloomberg survey. The West African country was able to repair some pipelines after agreeing a cease-fire with rebels in the Niger River Delta, Emmanuel Kachikwu, Nigeria’s state minister for petroleum resources, said on June 27. On Sunday however, the Niger Delta Avengers militant group claimed five more attackson oil installations in the region.
Production in Saudi Arabia, the world’s biggest crude exporter, rose to 10.33 million barrels a day, a monthly gain of 70,000 a day. The kingdom typically boosts output in summer months as it burns more crude to generate electricity to power air conditioners.
Libya boosted output in June by 40,000 barrels a day to 320,000. Exports were disrupted in May after oil officials in the eastern portion of the divided nation blocked shipments from the port of Hariga. Rival leaders of the nation’s National Oil Corp. reached an agreement on Sunday to reunify the state company under a single management, although much of the country’s oil infrastructure remains divided between rival factions, making a significant recovery in output unlikely.
Iraq posted the biggest decline, with production falling 70,000 barrels a day to 4.3 million barrels a day. Iran’s output was stable at 3.5 million barrels a day, ending a five-month run of output gains since the start of the year following the lifting of sanctions.
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