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Opec cut June output by 540,000 bpd
London, July 08: Opec trimmed supplies in June by 540,000 barrels a day to 26.5m barrels daily, following through on a pledge to rein in output after the war on Iraq, a Reuters survey found on Monday.
London, July 08: Opec trimmed supplies in June by 540,000 barrels a day to 26.5m barrels daily, following through on a pledge to rein in output after the war on Iraq, a Reuters survey found on Monday.
Production among 10 Opec countries with quotas fell by 660,000 bpd to 25.9 mbpd, not far above an official limit for the group of 25.4 mbpd.
The cuts, and a slow recovery in post-war Iraq, have kept the heat under world oil prices with US crude on Monday trading around $30 a barrel.
Iraq averaged only 480,000 barrels a day in June from 360,000 bpd in May, exporting its first crude since the war.
Planned Iraqi July exports, in a tender for Basra, are just 260,000 bpd. That is less than the 315,000 bpd averaged during June in sales from storage of Basra and Kirkuk and a far cry from the million barrels daily Baghdad had hoped for.
Bureau Report
The cuts, and a slow recovery in post-war Iraq, have kept the heat under world oil prices with US crude on Monday trading around $30 a barrel.
Iraq averaged only 480,000 barrels a day in June from 360,000 bpd in May, exporting its first crude since the war.
Planned Iraqi July exports, in a tender for Basra, are just 260,000 bpd. That is less than the 315,000 bpd averaged during June in sales from storage of Basra and Kirkuk and a far cry from the million barrels daily Baghdad had hoped for.
Bureau Report