OPEC Output Surged In June

OPEC's overall crude production increased to 29 million barrels per day in June as the cartel decided to cool overheated oil prices.

OPEC eleven members? output climbed by 680,000 bpd to 28.94-mil bpd in June from 28.26-mil bpd in May.

"All signs point to OPEC retaining its current levels at the Vienna meeting that begins next week," said John Kingston, director of oil at Platts.
"There has been no backtracking of the group's commitment to put more oil on to the market. The weakest link remains Iraq sabotage, which if it becomes chronic could eliminate from the market that little bit of breathing space that has been provided in the last several weeks by OPEC's additional production."

The June figure for ten OPEC countries was also well above the new 25.5-mil bpd ceiling agreed at a June 3 meeting in Beirut and which came into effect at the beginning of July.
A further 500,000 bpd increment, also agreed in Beirut and scheduled for implementation at the beginning of August will take OPEC's official ceiling to 26-mil bpd next month but the OPEC-10 already exceeded this volume by 1.24-mil bpd in June.