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OPEC output drops in June on Iran sanctions, supply cuts

OPEC output drops in June on Iran sanctions, supply cuts

Mubasher: Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) dropped last June as US sanctions against Iran helped tighten supply.

OPEC crude output fell by 68,000 barrels per day (bpd) to 29.83 million bpd, the producer club said in its closely watched monthly oil market report (OMR), citing independent sources.

Iran recorded the biggest supply shortage, with a drop of 142,000 bpd to 2.23 million bpd, as the US tightened the screws on the country’s exports.

The 14-member group, Russia and allied producers have been withholding supplies by 1.2 million since the start of the year.

The so-called OPEC+ alliance last week renewed the supply-cutting pact until March 2020 to avoid a build-up of stockpiles that could hit prices.

Meanwhile, OPEC’s de-facto leader Saudi Arabia raised output by 126,000 bpd to 9.81 million bpd last month, but produced less than the volumes allowed under the deal to shore up the market.

In addition, Nigeria, pushing for a bigger OPEC quota, recorded the largest output boost, with the African nation pumping 129,000 bpd more.

By 1:49 pm GMT, US Nymex crude futures climbed by 0.53% to $60.75 per barrel (pb), while global benchmark Brent futures rose by 0.25% to $67.18 pb.