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1.2 percent drops in the output of OPEC

1.2 percent drops in the output of OPEC
Crude oil production in June has been dropped by 370,000 barrels a day, or 1.2 percent, of OPEC, mainly due to the reason of worsening supply disruptions in Libya, Nigeria and Iraq, according to the International Energy Agency.
The 12 members of the Organization of Petroleum Exporting Countries pumped 30.61 million barrels a day last month compared with 30.98 million barrels in May, the Paris-based IEA said today in its monthly oil-market report. That level still exceeds a target of 30 million that the group reaffirmed at its last meeting on May 31.
“Mounting civil unrest by oil workers in Libya led to shut-ins of oil fields and export terminals while oil theft activity in Nigeria inflicted further damage to oil infrastructure,” the IEA said. “Iraq output was constrained by pipeline damage in the north and bad weather in the south.”
Around 40 percent of the world’s crude oil has been supplied by OPEC. Drop in Libyan output has been observed as the main reason for falling of the oil production of OPEC by 30.38 million barrels a day. The report has been published by the Vienna-based group based on secondary estimates. A drop in Libyan output of 207,000 barrels a day led the decrease, along with cuts by Nigeria and Angola, OPEC said.
The IEA reported that Libyan crude production fell by 200,000 barrels a day last month to 1.15 million barrels and that Iraq’s output hit a three-month low when it decreased by 150,000 barrels a day to 3.05 million barrels. Nigeria’s output fell for a third consecutive month in June, dropping by 70,000 barrels a day to 1.88 million barrels, the IEA said.
Increased output of Saudi
In the month of June, output from Venezuela, Kuwait, Algeria, has also been declined. On the other hand, output from the countries, like UAE, Qatar and Ecuador has remained unchanged, according to the agency report.
Saudi Arabia’s crude oil output rose by 100,000 barrels a day to 9.7 million barrels a day, the highest level in seven months, on increased domestic demand for crude during the peak summer cooling season in the desert country, the IEA said. Iran’s production was 2.7 million barrels a day in June, up 20,000 barrels a day from the previous month, it said.
OPEC is an organization that is consisting of the following nations: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Updated 12 Jul 2013 | Soruce: Business Week | By S.Seal
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