Platts Survey: OPEC Pumps 29.57 Million Barrels of Oil Per Day in June

Oil Output climbs 530,000 Barrels Per Day From May on boost by Saudis, Kuwait, UAE

PR Newswire

LONDON, July 8, 2011

LONDON, July 8, 2011 /PRNewswire/ -- Platts – The 12-member Organization of the Petroleum Exporting Countries' (OPEC) pumped an average 29.57 million barrels per day (b/d) of crude oil in June, an increase of 530,000 barrels per day as Saudi Arabia, Kuwait and the United Arab Emirates (UAE) boosted production, a Platts survey of OPEC and oil industry officials and analysts showed July 8. In May, OPEC production was 29.04 million b/d.
Despite the sizeable month-on-month increase, however, the June volume was lower than the 29.8 million b/d estimated for February, when the escalating unrest sweeping across North Africa and the Middle East was beginning to affect Libyan production. Increases totalling 760,000 b/d were partly offset by combined reductions of 230,000 b/d.
"These numbers show that OPEC still has a lot of work to do, because the world's economy is going into a period where demand rises, and the loss of Libyan output makes meeting that demand problematic," said John Kingston, director of news for Platts, a leading global energy, petrochemicals and metals information provider and publisher of this monthly survey report.