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 :

July 22, 2021

Oil prices sharply on the rise

The Brent 1st-nearby price jumped higher from below $69/b to above $72/b, while the WTI posted an even-bigger rebound from around $66.5/b to $70.3/b now. Crude…
February 4, 2022

Markets shaken by BoE and ECB meetings

The BoE raised its base rate by 25bp, which was expected. What was less expected was that it almost raised it by 50bp and announced that it…
Join EnergyScan

Get more analysis and data with our Premium subscription

Ask for a free trial here

Don’t have an account yet?