OPEC production rises in June led by Nigeria gains

Nigeria pumped an average 1.53mn barrels a day last month, a gain of 90,000 a day from May

OPEC’s crude production increased in June, as Nigeria raised output.
OPEC’s crude production increased in June, as Nigeria raised output.

OPEC’s crude production increased in June, as Nigeria raised output following repairs to some infrastructure that had been damaged by militant attacks.

Nigeria pumped an average 1.53mn 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 attacks on oil installations in the region.
Production in Saudi Arabia, the world’s biggest crude exporter, rose to 10.33mn barrels a day, a monthly gain of 70,000 a day.

The kingdom typically boosts output in summer months as it burns more crude oil to generate electricity to power air conditioners.

Libya boosted output in June by 40,000 barrels a day to 320,000. Exports were disrupted May after oil officials in the eastern portion of the divided nation blocked shipments from the port of Hariga.

Shipments resumed from the port later that month and rival leaders of the nation’s National Oil Corp. reached an agreement on Sunday to reunify the state company under a single management.

Iraq posted the biggest decline, with production falling 70,000 barrels a day to 4.3mn barrels a day.

Iran’s output was stable at 3.5mn 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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