12 Jul 2018 12:14

OPEC increases oil production to 31.87 mln bpd in June, highest in 4 months - IEA

MOSCOW. July 12 (Interfax) - OPEC countries increased oil production by 180,000 bpd to 31.87 million bpd in June, the International Energy Agency (IEA) said in a report.

This is the highest level for four months.

The production increases was mainly driven by Saudi Arabia which offset production declines in Libya, Venezuela and Angola.

OPEC countries therefore executed the oil production cut deal by 120% in June compared to 158% in May. Given the non-OPEC countries which signed up to the deal only complied with the agreement 66%, overall compliance with the deal was around 100%, the IEA said.

Global oil shipments rose by 370,000 bpd to 98.8 million bpd in June, driven by Russia and Saudi Arabia.