Opec production grew by 160,000 b/d in June, bouncing back somewhat from a notable fall in May when the likes of Libya and Nigeria suffered steep declines. But, even with the rebound, June’s 28.64mn b/d remains just 10,000 b/d above April’s 2.63mn b/d underlining the group’s diminished spare capacity.
The story of Opec has largely been the same for more than a year: the group’s production ceiling has been increasing every month, only for production to fall short. That’s not to say Opec output isn’t increasing, however, after all output last month was up 2.58mn b/d year-on-year. (CONTINUED - 1082 WORDS)
