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OPEC's Crude Oil Output Reached A New High In June
Jul 26, 2018

Nigeria's "Today" reported that OPEC's crude oil output in June reached 31.87 million barrels per day, a record high in four months. At the same time, driven by Saudi Arabia and Russia's increased production, global crude oil supply increased by an average of 370,000 barrels per day in June.

According to the International Energy Agency's (IEA) July Oil Market Report, Saudi Arabia's increased production of crude oil made up for the reduction of production by three OPEC members in Angola, Libya and Venezuela.

In the OECD commercial crude oil inventories, the IEA report pointed out that the OECD commercial crude oil inventories increased by 13.9 million barrels in May, reaching 284 billion barrels. The report also predicts that crude oil production in non-OPEC member countries will increase to 2 million barrels per day this year, while the forecast of crude oil production in 2019 is 1.8 million barrels per day.

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