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OPEC oil production jumped to a high of 2017

OPEC oil output has risen in June by 280,000 barrels per day to a 2017 high.

30.Jun.17 2:38 PM
By Daria Zaytseva


OPEC oil production jumped to a high of 2017

This is due to the subsequent restoration of supply from two of the participating countries, are exempt from the transaction to reduce production.

High compliance by producers of the Persian Gulf Saudi Arabia and Kuwait have helped keep OPEC's commitment to its restrictions on the supply to historically high 92 percent in June compared with 95 percent in May.

Extra oil from Nigeria and Libya, exempted from the cut, means that of the 13 members of OPEC originally part of the deal significantly exceeded its target production.

This is because of the efforts of OPEC to support the market facing a constant overflow of inventory. If the recovery continues, calls may grow within OPEC to exempt countries that will be included in a production deal.

The biggest growth in June came from Nigeria, where production has increased after the reduction of military attacks on oil installations. The second-biggest was from Libya.

Last year, OPEC announced a production target of 32.5 million bpd, which was based on low rates to Libya and Nigeria.

The increase in Libyan and Nigerian production means that OPEC output in June averaged 32.57 million bpd, and 820,000 bpd above its supply target, taking into account the removal of Indonesia and not including Equatorial Guinea.

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