OPEC Unwinds Cuts as Planned, Saudi Output Jumped in June


   
Karim Bastati
DTN Analyst

   OPEC crude oil production rose 220,000 bpd in June despite a drop in Libyan 
and Iranian output, according to the organization's latest monthly oil report 
published today. Members of the declaration of cooperation, colloquially known 
as OPEC+, raised output by a combined 349,000 bpd from May. The eight member 
countries who have since 2023 shouldered an additional 2.2 million bpd in 
voluntary adjustments ramped up production by 395,000 bpd, close to their 
411,000 bpd target.

   This month's report contained an unusual distinction between Saudi oil 
production and Saudi oil supplied to the market. While official production 
figures communicated by member states have been closely in line with production 
estimates by secondary sources, the report highlighted a sizable 568,000 bpd 
jump in Saudi Arabian oil production versus a 173,000 bpd month-on-month 
increase in "supply to the market".




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