Higher production in Nigeria and Iran led to an increase in OPEC’s oil output in June for the second consecutive month, according to the monthly Reuters survey published on Tuesday.
OPEC’s 12 producers pumped 26.7 million barrels per day (bpd) of crude oil in June, marking a rise of 70,000 bpd compared to May. The survey tracks market supply using data from industry sources and shipping information.
Nigeria, Africa’s top oil producer, increased its production by an estimated 50,000 bpd in June. After years of underperforming in the OPEC+ deal, Nigeria is working to raise its output.
This increase follows the OPEC+ group’s decision to cut its quota at the end of last year.
Iran, which is exempt from the OPEC+ agreement, saw its output rise to 3.2 million bpd in June. This matches Iran’s recent five-year high from November 2023, as reported by Reuters’ monthly surveys.
Iraq, OPEC’s second-largest producer, experienced the biggest decline in output, reducing production by 50,000 bpd in June.
Despite this reduction, Iraq still exceeded its OPEC+ quota last month.
Overall, OPEC produced 280,000 bpd above the implied target for its nine members bound by the pact, with Iraq’s overproduction representing the largest excess volumes.
