OPEC oil output rises slightly in June: Reuters survey

OPEC oil supply rose in June as higher output from several members of the group offset cutbacks in Nigeria caused by militant attacks, a Reuters survey showed on Wednesday.

Updated on: Jul 1, 2009, 19:05:58 IST

Reuters | By HT Correspondent, London

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OPEC oil supply rose in June as higher output from several members of the group offset cutbacks in Nigeria caused by militant attacks, a Reuters survey showed on Wednesday.

Supply from the 11 members of the Organisation of the Petroleum Exporting Countries bound by output targets rose to 26.02 million barrels per day (bpd) from 25.91 million bpd in May, according to the survey of oil firms, OPEC officials and analysts.

OPEC has agreed to reduce supply by a total of 4.2 million bpd since September. The latest cut, of 2.2 million bpd, took effect on Jan. 1.

Supply was 1.18 million bpd higher in June than the implied target for the OPEC 11 of 24.84 million bpd, meaning the group lowered output by 3.02 million bpd of the promised curbs.

That gives a 72 percent compliance rate, down from 75 percent in May.

OPEC pumps more than a third of the world's oil.

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