OPEC crude output continued to grow in June, climbing close to an eight-year high.
According to S&P Global Platts, OPEC’s crude oil output grew by 300,000 barrels per day to 32.73 million bpd.
The gains came despite disruptions in Nigeria, where militants have been attacking oil and gas infrastructure.
Nigeria booked the largest output gain in June, with the country’s production rising by 150,000 bpd to 1.57 million bpd.
Platts said production in Nigeria and Libya, where militants have also attacked energy assets, “tentatively recovered” last month.
Libya’s oil production climbed by 60,000 bpd to 310,000 bpd in June after exports from the eastern port of Marsa el-Hariga restarted in late May.
However, production in Libya still remains at less than a quarter of its 1.6 million bpd production capacity, Platts said.
“OPEC’s 300,000-barrel-per-day output rise in June, boosted by fragile recoveries in Libya and Nigeria, and the unrelenting rise in Iran and the increase in Saudi Arabia, sends a strong message over its unwavering market share strategy,” senior editor for S&P Global Platts Eklavya Gupte said.
An ongoing energy and financial crisis in Venezuela sank that country’s output to a 13-year low in June, Platts said.
The output decline dragged Venezuelan crude production down by 120,000 bpd to 2.15 million bpd in June.
That decline marked the country’s lowest production level since Feburary 2003, S&P Global Platts SAID.
Iraq also saw oil output drop by 20,000 bpd to 4.23 million bpd as southern exports fell in June.
Saudi Arabia, OPEC’s largest producer, boosted its output to meet domestic demand in June and produced an average of 10.33 million bpd.
According to Platts, Saudi Arabia produced as many as 10.45 million bpd last summer.
Iran’s crude output climbed back near pre-sanction levels in June to 3.63 million bpd, the highest level since June 2011.
Iran’s oil output has climbed by 740,000 barrels over December 2015 levels since crude sanctions were lifted in January.
“If the situation persists, the case for a return to some kind of production cap may gain traction,” Gupte said.
OPEC members will meet in Vienna on November 30.