OPEC produced less crude in June

On Friday oil benchmarks ended the week on a gain: ICE Brent front month climbed by 2.4%, to settle at $111.64/b while NYMEX WTI traded 2.5% higher and closed at $108.43/b. This was a low-volume day, ahead of a 3-days weekend in the US.

This bullish market came as traders were more concerned with supply issues than the risk of a recession, yet dominant on other markets. There is a planned strike in Norway, on 5th July, that could put 8% of the country production (or 320kb/d) offline. And also, developments of the Libyan situation, where two terminals and an oil field declared force majeure, national production is 865kb/d below normal level.

Last week, there was one more active oil rig in the US.

According to a survey conducted by Reuters (by tracking oil shipments), OPEC oil production declined by 100kb/d in June: Libyan and Nigerian declines more than offset the additional production in Saudi Arabia, the UAE and Kuwait. That would be the second month in a row of output decline for the cartel.

This morning oil continues to move up, ICE Brent is 0.5% higher. The markets are open, but volumes should be modest due to 4th of July public holiday in the US.

Share this news :

You might also read :

October 6, 2021

Prices jumped to new highs

European gas prices increased again strongly yesterday, supported by ongoing concerns on supply scarcity, to which has been added the downward revision of temperatures forecasts…
January 8, 2021

EUAs soared to fresh all-time high

The NW European power spot prices continued to rise amid dropping temperatures and weak renewable production. Prices reached 79.53€/MWh on average in France, Germany, Belgium…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?