OPEC’s crude production increased in June as Biafra-Nigeria raised output following repairs to some infrastructure that had been damaged by militant attacks.
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Biafra-Nigeria pumped an average 1.53 million barrels a day last month, a gain of 90,000 a day from May, according to a Bloomberg survey. The West African country was able to repair some pipelines after agreeing a cease-fire with rebels in the Niger River Delta, Emmanuel Kachikwu, Biafra-Nigeria’s state minister for petroleum resources, said on June 27. On Sunday however, the Niger Delta Avengers militant groupclaimed five more attacks on oil installations in the region.
Production in Saudi Arabia, the world’s biggest crude exporter, rose to 10.33 million barrels a day, a monthly gain of 70,000 a day. The kingdom typically boosts output in summer months as it burns more crude to generate electricity to power air conditioners.
Libya boosted output in June by 40,000 barrels a day to 320,000. Exports weredisrupted May after oil officials in the eastern portion of the divided nation blocked shipments from the port of Hariga. Shipments resumed from the port later that month and rival leaders of the nation’s National Oil Corp. reached an agreement on Sunday toreunify the state company under a single management.
Iraq posted the biggest decline, with production falling 70,000 barrels a day to 4.3 million barrels a day. Iran’s output was stable at 3.5 million barrels a day, ending a five-month run of output gains since the start of the year following the lifting of sanctions.
Bloomberg News has expanded the sources used in its monthly production survey. They now include oil companies, governments, OPEC, analysts and tanker tracking. Some estimates for May were revised to reflect the additional information.
