OPEC Nations Boost Crude Output
OPEC nations boosted their crude oil production in June to its highest level so far this year, surpassing the cartel’s self-imposed output ceiling, according to estimates released Wednesday.
The International Energy Agency said in its Monthly Oil Market Report that the 13-nation Organization of Petroleum Exporting Countries pumped about 21.3 million barrels of crude a day last month, up 200,000 barrels a day from May.
The rise lifted second-quarter production to about 21 million barrels a day, topping OPEC’s self-imposed 19.5 million-barrel daily production limit. It also was the highest for the April-June period since the 23.2 million barrels a day produced in that quarter of 1981.