According to Reuters, output from OPEC [not including Iraq] rose to 26.02 million barrels per day (bpd) from 25.91 million bpd in May, 1.18 million bpd above the collective target of 24.84 million bpd for the 11 quota-bound members.
That figure implies that the 11 quota-bound members of the oil cartel were in June showing only 72% compliance with the 4.2 million bpd of reductions agreed last September.
May compliance was estimated between 75-78%.
Bloomberg meanwhile, reported that total OPEC output in June was up for the third straight month at 28.23 million bpd, up 55,000 bpd from May volumes.
Output from the 11 quota-bound members was estimated at 25.86 million bpd, which is a little over a million bpd above their collective target of 24.84 million bpd – a compliance rate of close to 76%.
The increase in June output was attributed to “some members” who “took advantage of higher prices”.
According to one analyst, “OPEC has room to increase production without hurting prices. Compliance will probably continue to slip in coming months.”
That figure implies that the 11 quota-bound members of the oil cartel were in June showing only 72% compliance with the 4.2 million bpd of reductions agreed last September.
May compliance was estimated between 75-78%.
Bloomberg meanwhile, reported that total OPEC output in June was up for the third straight month at 28.23 million bpd, up 55,000 bpd from May volumes.
Output from the 11 quota-bound members was estimated at 25.86 million bpd, which is a little over a million bpd above their collective target of 24.84 million bpd – a compliance rate of close to 76%.
The increase in June output was attributed to “some members” who “took advantage of higher prices”.
According to one analyst, “OPEC has room to increase production without hurting prices. Compliance will probably continue to slip in coming months.”