LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » World News

OPEC oil output climbs in June as Saudi opens taps - Reuters survey

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Mon, Jul 02, 2018
09:01 pm
Reuters
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

OPEC oil output rose last month as Saudi Arabia pumped at a near-record rate, a Reuters survey found on Monday, a sign the world`s top exporter is heeding calls from the United States and other consumers for more oil.

The Organization of the Petroleum Exporting Countries pumped 32.32 million barrels per day in June, the survey found, up 320,000 bpd from May. The June total is the highest since January 2018, according to Reuters surveys.

Saudi Arabia`s move comes as U.S. President Donald Trump has been urging Riyadh to offset losses caused by new U.S. sanctions on Iran and to dampen prices, which this year hit $80 a barrel for the first time since 2014.

OPEC and a group of non-OPEC countries agreed last month to return to 100 percent compliance with oil output cuts that began in January 2017, after months of underproduction by Venezuela and other countries pushed adherence above 160 percent.

"We are entering the second half of the year with a huge amount of uncertainty surrounding the supply side of the equation," said Tamas Varga of oil broker PVM.

"Depending on your belief you could just as easily bet on $100 as $60 by the end of the year."

Saudi Arabia said the OPEC decision would translate into an output rise of about 1 million bpd, although the group`s statement gave no clear volume.

As published on Friday, Saudi Arabia has boosted supply to 10.70 million bpd in June, close to the record high of 10.72 million bpd, to make up shortfalls in Venezuela and other countries, and expected losses in Iran.

This has lowered OPEC`s collective adherence with supply targets to 110 percent from 167 percent in May, meaning the group is still cutting more than agreed even after the Saudi increase.

The Saudi supply boost, apparently set in train before OPEC met in Vienna on June 22 to discuss policy, has infuriated Iran and surprised some other OPEC members with its scale.

Saudi Arabia`s Gulf allies, Kuwait and the United Arab Emirates, have yet to follow the Saudi lead, keeping output steady in June, the survey found. LIBYAN DROP

Among other OPEC members, Algeria also increased output in June due to a diminishing impact from maintenance work and Iraq pumped more as its southern exports rose.

The biggest decrease came from Libya, which remains unstable due to unrest. Output fell sharply from near 1 million bpd after an attack in mid-June at the ports of Ras Lanuf and Es Sider shut them down.

Nigerian supply dropped due to loading delays affecting several of the country`s crude streams.

Iranian output, expected to decline as the U.S. re-imposition of sanctions discourages companies from buying the country`s oil, slipped in June as exports fell from inflated levels in May and April.

Output fell further in Venezuela, where the oil industry is starved of funds because of economic crisis.

OPEC has an implied production target for 2018 of 32.78 million bpd, based on cutbacks detailed in late 2016 and taking into account changes of membership since, plus Nigeria and Libya`s expectations of 2018 output.

According to the survey, OPEC pumped about 460,000 bpd below this implied target in June, not least because of the decline in Venezuela and a similar involuntary drop in Angola, where the survey found output further declined in June.

The survey aims to track supply to market and is based on shipping data provided by external sources, Thomson Reuters flows data and information provided by sources at oil companies, OPEC and consulting firms.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details Infosys Chairman Nandan Nilekani on India's Digital Economy I Kotak Institutional Equities highlights details
Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities Digital economy to outpace GDP growth, will result in 'competitive advantage period' for leaders in digital space highlights ICICI Securities
#GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here #GSTMakeItEasy: Facing GST related issues? Big initiative by Zee Business - Tweet your problems now! Check all details here
India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global India’s economy picking up steam, estimate recovery at 10% in FY22: S&P Global
RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21 RBI Monetary Policy: Governor Das says repo rate unchanged, sees GDP at 10.5 pct for FY22, inflation at 5.4 pct for Q4FY21

LATEST NEWS

Ethanol from sugar will lower dependency on Crude import, create jobs and improve earnings of farmers

NEET 2021 exam: Check here the latest update on dates and all you need to know for registration before appearing in the test

Samsung Galaxy XCover 5 rugged smartphone launched: Check price, availability and other details here!

Indian Army conduct basketball, wushu competitions for youth in Jammu and Kashmir's Budgam

Post Office Schemes: Good news for savings account holders! Withdrawal limit hiked from Rs 5,000 to Rs 20,000 at these branches

Reliance Jio low-cost laptop 'JioBook' that runs on Android coming soon; Here's all you need to know

SBI Gold Loan – Give a missed call and get loan; interest rate at 7.5 pct; no processing fee if applied through YONO

Covid 19 new guidelines released - check new orders for religious places, malls, restaurants and more

Trinamool candidate list 2021: Over 20 MLAs, ministers dropped from TMC candidacy for upcoming Assembly polls

Anil Singhvi’s Strategy March 5: Make or break levels at Nifty is 14,900-14,925 & Bank Nifty is 35,100-35,125

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved