The Organization of Petroleum Exporting Countries pumped the most oil in almost eight years last month, a sign producers are still trying to carve out a bigger piece of the global market, S&P Global Platts says.
FuelFix.com reports OPEC’s daily oil production rose by 300,000 barrels to 32.73 million in June, the research group says in a report released Monday—a day before the international oil cartel is set to release its own data.
If Platts is correct, it’s nearly the biggest bounty of crude from the group since the month before Lehman Brothers collapsed in 2008. The rise in output “sends a strong message over its unwavering market share strategy,” Eklavya Gupte, senior editor for S&P Global Platts, says in a written statement.
Iran’s oil production has climbed by 740,000 barrels a day since December to 3.63 million in June, a five-year high. Iran is fighting for market share again after the United States and western powers lifted oil-export sanctions on the Islamic Republic earlier this year, though some analysts believe its output could hit a ceiling soon. Saudi Arabia’s oil fields put out more crude as well.
But half of the surge in OPEC production last month came from Nigeria, which put out an additional 150,000 barrels a day after a pause in militant attacks that damaged or destroyed pipelines and oil wells across the Niger Delta. But some militants resumed attacking Nigerian oil infrastructure this month despite a 30-day ceasefire agreement.
Meanwhile, oil production in Venezuela dropped by 120,000 barrels a day to its lowest point since 2003 as the South American country wrestles with financial problems including its large debts with oil field service companies, Platts says.
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