OPEC Production Still Increasing
The July OPEC Monthly Oil Market Report is out with all OPEC Crude Only production data for June 2015.
Crude Only production for the entire OPEC 12 as up 283,000 barrels per day in June to 31,378,000 bpd. But that was after May production had been revised up by 120,000 bpd. So counting May’s revisions and June’s numbers, OPEC production was up 403,000 bpd from what was originally reported last month.
The biggest gainer, by far, was Iraq, up 198,600 barrels per day over May to 4,007,000 bpd. It is interesting to note that Iraq via “Direct Communication” say they only produced 3,591,000 bpd in June, 416,000 bpd less than what “Secondary Sources” said they produced.
Saudi Arabia was up 48,400 bpd in June to 10,235,000 bpd. That is just over one half million barrels per day above their 2014 average.
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