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OPEC’s Output Rises in Spite of Oil Quotas
Oil production by the Organization of the Petroleum Exporting Countries rose by nearly 33 million barrels per day from May to June, according to the cartel’s monthly market report.
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Oil production by the Organization of the Petroleum Exporting Countries rose by nearly 33 million barrels per day from May to June, according to the cartel’s monthly market report.
The 1% increase comes more than six months into OPEC’s struggle to maintain a self-imposed output reduction of 1.8 million bpd, or roughly 2% of normal production. The cartel sources about 40% of global petroleum. But traders have become increasingly doubtful about the cartel’s ability to influence oil supplies or prices.
OPEC wants to reduce global oil inventories to stabilize oil prices. But oil shale producers in North America have stepped in to keep supplies high. Oil futures remain below $55 per barrel, less than half their price three years ago.
OPEC insists its efforts to lower oil inventories is slowly bringing the market back to balance. But the Paris-based International Energy Agency predicts the next six months will be “very difficult” for the oil industry.
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