• 4 minutes Will We Ever See 100$+ OIL?
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 11 minutes Energy Outlook for Renewables. Pie in the sky or real?
  • 1 hour Shale Oil will it self destruct?
  • 15 hours Berkeley becomes first U.S. city to ban natural gas in new homes
  • 4 hours Iran Loses $130,000,000 Oil Revenue Every Day They Continue Their Childish Games . . . .Opportunity Lost . . . Will Never Get It Back. . . . . LOL .
  • 10 hours Iran Captures British Tanker sailing through Straits of Hormuz
  • 6 hours Oil Rises After Iran Says It Seized Foreign Tanker In Gulf
  • 1 day Today in Energy
  • 24 hours Drone For Drone = War: What is next in the U.S. - Iran the Gulf Episode
  • 11 hours Renewables provided only about 4% of total global energy needs in 2018
  • 2 days Populist, But Good: Elizabeth Warren Takes Aim at Private-Equity Funds
  • 2 days Mnuchin Says No Change To U.S. Dollar Policy ‘As of Now’
  • 2 days Why Natural Gas is Natural
  • 2 days LA Solar Power/Storage Contract
  • 15 hours U.S. Administration Moves To End Asylum Protections For Central Americans
It’s Time For A Fire Sale In U.S. Shale

It’s Time For A Fire Sale In U.S. Shale

The U.S. shale patch is…

Oil Rises On U.S. Shut-Ins, Impressive Chinese Data

Oil Rises On U.S. Shut-Ins, Impressive Chinese Data

Despite lingering concerns over a…

Saudi Arabia Boosted Oil Production By 400,000 Bpd In June

Oil rig dusk

Saudi Arabia had opened the taps even before OPEC and Russia agreed at the end of June to ease the production cuts to respond to the high oil prices and supply disruptions, judging from OPEC’s Monthly Oil Market Report that showed the Saudis boosted their crude oil production in June by more than 400,000 bpd.

According to OPEC’s secondary sources, the ones the cartel uses to calculate quotas and compliance, Saudi Arabia’s oil production jumped in June by 405,400 bpd compared to May, to reach 10.420 million bpd.

The figures that Saudi Arabia self-reported to OPEC, based on direct communication, did not diverge a lot from the OPEC secondary sources assessment. The Saudis told OPEC that they had pumped 10.489 million bpd last month, up by 459,000 bpd compared to May.

The close Saudi allies, Kuwait and the United Arab Emirates (UAE), also boosted their production in June, by 27,300 bpd and 35,100 bpd respectively, but their production figures were not much higher than their production ceilings in the original OPEC deal.

According to OPEC’s secondary sources, production in Iran dropped by 22,700 bpd, while Iraq’s production jumped by 71,500 bpd.

Total OPEC-15 crude oil production averaged 32.33 million bpd in June, up by 173,000 bpd compared to May.

Related: OPEC Won’t Take Additional Action As Oil Prices Rise

The Saudi production boost would have raised OPEC’s total production much higher had it not been for the plunge in production in Libya, whose oil ports were closed last month after the battle over oil terminals renewed, another slump in Venezuela’s output, and additional decline in Angola’s production.

Libya’s crude oil production plummeted by 254,300 bpd to average 708,000 bpd in June. Angola’s production slumped by 88,300 bpd to 1.431 million bpd. Venezuela’s production decline wasn’t the biggest, but it has been consistent for months. Last month, crude oil production in Venezuela dropped by another 47,500 bpd to average 1.34 million bpd.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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