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
LONDON, July 8, 2011
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.