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OPEC's Crude Oil Output Reached A New High In June
Jul 27, 2018

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

According to the International Energy Agency's (IEA) Oil Market Report of July, Saudi Arabia's increased production of crude oil made up for the reduction of production by the three OPEC members of 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 crude oil production in 2019 is forecast at 1.8 million barrels per day.

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