Another ray of hope...
OPEC-10 June Output Drops 170,000 B/D, PetroLogistics Says
By Alex Lawler
London, July 2 (Bloomberg) -- OPEC last month reduced oil production by almost 1 percent, in part because Venezuela improved compliance with its official target, figures from an industry consultant showed.
The ten OPEC countries with output quotas pumped 22.93 million barrels a day in June, down from 23.1 million in May, said Conrad Gerber of PetroLogistics Ltd. Venezuela reduced supply by 4.9 percent to 2.55 million, reducing traders' concerns that the country would abandon output restraint to raise revenue.
The Organization of Petroleum Exporting Countries last week maintained the lowest output quotas since 1991 to support crude prices that have already risen 29 percent this year. Members are pumping 1.23 million barrels a day more than their collective daily target of 21.7 million, the figures show.
Supply from Iraq, the only OPEC state not part of the group's supply agreements, declined to 1.68 million barrels a day in June, from 1.8 million in May, taking total OPEC output to 24.61 million, the PetroLogistics figures show. |
