Crude output from the OPEC oil cartel fell to 30.1 million b/d in June
from 30.4 million b/d in May, a drop of 300,000 b/d, the US Energy
Information Administration estimates.
Average output of about 30.3 million b/d over the two months was some
800,000 b/d below the May-June 2012 average of 31.1 million b/d, the agency
Volumes from OPEC kingpin Saudi Arabia were steady in June at 9.4
million b/d. Iranian output was also unchanged at 2.8 million b/d. Iraq, now
OPEC's second biggest producer after Saudi Arabia, boosted output to 3.2
million b/d in June from 3.1 million b/d in May.
But Libyan output fell to 1.2 million b/d in June from 1.4 million b/d
in May and Nigerian output fell to 1.9 million b/d from 2 million b/d.
Article continues below...
|Platts 7th Annual European Gas Summit (EGS)|
September 19-20, Vienna, Austria
EGS 2013 will once again provide a platform for the region's leading gas companies, TSOs, regulatory bodies, industry associations, traders and analysts to meet to discuss and debate the future of an industry experiencing monumental change and facing huge challenges.
OPEC's total crude production capacity also fell between May and June,
to 32.5 million b/d from 32.8 million b/d, with capacity held by the group's
Middle East producers rising to 23.8 million b/d in June from 23.7 million
b/d in May but that held by its African members falling to 6.1 million b/d
from 6.4 million b/d.
The EIA published its estimates late last week in a bi-monthly report to
the US Congress on "The availability and price of petroleum and petroleum
products produced in countries other than Iran."
The agency, the statistics arm of the US Department of Energy, said in
the report that global supply of liquid fuels in May and June was some
900,000 b/d higher than the March-April average and 800,000 b/d higher than
in May-June 2012.
"This was mainly due to increases in production from countries outside
[OPEC]," it said.
"Non-OPEC producers supplied 1.4 million b/d more liquids than in the
same two-month period last year. North America accounted for most of the
growth, with tight oil plays contributing to most of the 1 million b/d
increase in US production."
The report also estimated that global liquid fuels production outpaced
consumption in May and June, resulting in a 200,000 b/d average build in
world oil stocks.
Total liquids production dipped to 89.8 million b/d in June from 89.9
million b/d in May, the EIA estimated. Consumption rose to 90.1 million b/d
in June from 89.3 million b/d in May, averaging 89.7 million b/d over the two
--Margaret McQuaile, firstname.lastname@example.org
--Edited by Maurice Geller, maurice email@example.com