OPEC’s June oil supply hit a three year high thanks to record breaking output from Iraq and steady exports from Saudi Arabia, according to a new survey by Reuters.
The group pumped 31.63 million barrels per day in June, up from 31.3 million bpd in May and well above its current 30 million bpd target.
The output boost was driven by a 3 million bpd export surge in Iraq tied to a decision made by the Iraqi government earlier this year to divide its crude system into two grades, Reuters said.
Saudi Arabia’s June production numbers showed no signs of slipping from May’s record breaking performance of about 10.3 million bpd.
The group’s output surged despite ongoing production and transportation problems in Libya where two rival governments are fighting for control of the oil rich nation.
Nigeria managed to boost its output by 60,000 bpd in June despite loading delays at the Bonny terminal and the declaration of a force majeure on exports of Forcados crude.
If the production figures are not revised, OPEC’s June oil supply would be the group’s largest since June 2012, Reuters said.