OPEC’s oil output jumps again in June as the group struggles to end the crude glut

OPEC’s oil production rose again in June, driven by increases in Libya and Nigeria and as top exporter Saudi Arabia reported it pumped more than it agreed to last year.

The producer group’s total output jumped by about 393,500 barrels a day to a total of 32.6 million barrels a day last month, according to independent assessments cited by OPEC in a monthly report. The increases came despite the producer group extending a deal to limit production in May.

OPEC and other exporters including Russia have agreed to cut their output by 1.8 million barrels a day from October levels through the first quarter of 2018. The cuts are aimed at shrinking global stockpiles and boosting oil prices.
While the bump in OPEC’s June output is just a fraction of global production, the group has struggled to drive stocks in the developed world down to the five-year average. The effort has pushed up oil prices, leading to a quicker-than-expected rise in production in the United States and elsewhere.
more at:  http://www.cnbc.com/2017/07/12/opecs-oil-output-jumps-again-as-the-group-struggles-to-end-crude-glut.html