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30 Jun 2015
OPEC oil output at three year high in June – Reuters survey
FXStreet (Mumbai) - As per the Reuters survey, the OPEC oil supply in June rose to three-year highs due near record supplies from Iraq and Saudi Arabia.
OPEC supply has risen in June to 31.60 million barrels per day (bpd) from a revised 31.30 million bpd in May, according to the survey. The initial numbers suggest the supply in June is the highest highest since the 31.63 million bpd pumped in June 2012.
The biggest jump came from Iraq, which supplied 3 million bpd after Iraq split the crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues. Saudi also continued to pump at record high levels.
OPEC supply has risen in June to 31.60 million barrels per day (bpd) from a revised 31.30 million bpd in May, according to the survey. The initial numbers suggest the supply in June is the highest highest since the 31.63 million bpd pumped in June 2012.
The biggest jump came from Iraq, which supplied 3 million bpd after Iraq split the crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues. Saudi also continued to pump at record high levels.