OPEC’s Output Rose to Highest This Year… Bloomberg

July 4, 2017 by Jim Colburn Leave a Comment

“Members of the Organization of Petroleum Exporting Countries boosted their output by 260,000 barrels a day compared with May, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Half of the increase came from Libya and Nigeria, which are exempt from making cuts under the deal agreed between OPEC and its allies.”

“Over the first half of the year, the 11 OPEC members bound by the output curbs were fully compliant with their pledges, the survey showed. Counting Nigeria and Libya, total OPEC output remained about 390,000 barrels a day above the target set out in the Nov. 30 production agreement, putting the group only about 71 percent of the way toward its goal, according to data compiled by Bloomberg.”

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