OPEC pumps less oil in June on Africa setbacks—survey

OPEC crude output has fallen in June due to disruptions in Libya and Nigeria, a Reuters survey found, inadvertently bringing supply closer to the organization’s target. Supply from the Organization of the Petroleum Exporting Countries  (OPEC) has averaged 30.38 million barrels per day (bpd), down from a revised 30.46 million bpd in May.

 This is according to the findings of shipping data and sources at oil firms, OPEC and consultants. The survey shows violence is making African producers OPEC’s weakest supply link and the ambitious plans of Iraq, its second-largest producer, to expand exports are facing headwinds. In June, largely involuntary curbs by smaller OPEC producers have outweighed extra crude from its top exporter, Saudi Arabia, which has ramped up supply in response to a seasonally higher requirement for crude in domestic power plants.