• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 20 mins EU has already lost the Trump vs. EU Trade War
  • 5 mins More dumbed down? re Hong Kong Act of Congress
  • 19 hours Impeachment S**te
  • 3 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 5 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 1 day 55.00 WTI
  • 10 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 7 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 1 day Everything You Need To Know About Trump
  • 37 mins What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 1 day Water, Trump, and Israel’s National Security
  • 4 hours Last I Checked
  • 20 mins Petroleum Industry Domain Names
  • 1 hour U.S. Shale Output may Start Dropping Next Year
Alt Text

U.S. Shale Growth To Flatline Within 2 Years

Despite U.S. shale growth hitting…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC Oil Production Dips To 2014 Low

OPEC’s crude oil production dropped to below 30 million bpd in June, down by 170,000 bpd from May and the lowest monthly output since April 2014, as higher Saudi oil supply was insufficient to compensate for declines in the cartel members subject to U.S. sanctions, Iran and Venezuela, the monthly Reuters survey showed on Friday.

OPEC pumped 29.60 million bpd in June, according to the Reuters survey that tracks supply to the market from shipping data and sources at OPEC, oil companies, and consulting firms. 

Saudi Arabia, OPEC’s largest producer, boosted supply by 100,000 bpd in June over May, to 9.8 million bpd, the survey showed.

Despite the increase, Saudi Arabia was comfortably below its 10.311-million-bpd cap under the OPEC+ deal as it had been overachieving in its share of the cuts by 500,000 bpd in the previous months.

The Saudi production rise, however, was not enough to offset declines in Iran and Venezuela, which are exempt from the production cut pact but which continue to see their output drop because of the U.S. sanctions on their respective oil industries.

Production in Angola, Iraq, and Kuwait was also lower in June compared to May, while Nigeria raised its output, according to the Reuters survey. Related: Shale Boom Reshuffles Global Top 50 Oil & Gas List

In May, OPEC’s oil production had dropped to a 2015 low of 30.17 million bpd, as a major 200,000-bpd increase in Saudi Arabia’s production was unable to offset an even larger production decline in Iran after the U.S. removed all sanction waivers for Iranian buyers, last month’s Reuters survey showed.

OPEC will release its official crude oil production data for June in the Monthly Oil Market Report (MOMR) on Thursday, July 11.

Meanwhile, OPEC’s crude oil exports in June gained 761,000 bpd from May to hit an average of 23.7 million bpd, figures from energy data provider Kpler showed this week. In May, the cartel’s exports sank below 22 million bpd.

The increase came thanks to stronger exports from Saudi Arabia, the UAE, and Iraq, with Saudi Arabia raising daily loadings by some 135,000 bpd in June. Iraq’s loadings rose by more than 100,000 bpd last month, but the UAE marked the strongest increase at over 400,000 bpd, according to Kpler.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • James Hilden-Minton on July 05 2019 said:
    This is continuing evidence that OPEC is post OPEC crude demand peak. Production will continue to drop off with demand.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play