Opec crude oil production remained steady at 26.60mn b/d for June, with last month’s output down 500,000 b/d year on-year. Production was relatively stable over the first six months of the year, averaging 26.56mn b/d, as a series of formal and voluntary production cuts remained in force.
Production edged up by just 10,000 b/d for the month, despite domestic consumption for power generation rising seasonally as temperatures in some parts of the Middle East topped 50°C (MEES, 28 June). As a result, crude oil exports from the core Middle East region dropped sharply during June, helping tighten global markets and pushing Brent price back above $85/B. (CONTINUED - 974 WORDS)
