OPEC crude production surges as Iraq pumps at record pace

OPEC crude production surges as Iraq pumps at record pace

Iraqi crude production climbed to a record this month, helping send OPEC output to the highest level since August 2012.

Output by the Organization of Petroleum Exporting Countries climbed 744,000 barrels to 32.134 million a day this month, according to a Bloomberg survey of oil companies, producers and analysts. Last month's total was revised 189,000 barrels lower to 31.39 million a day, because of changes to the Saudi, Iraqi, Algerian and Nigerian estimates.

OPEC has been boosting supply as it seeks to force higher-cost producers to cut output. The 12-member group agreed on June 5 to retain its collective output target of 30 million barrels a day, a level that it's exceeded for 13 months, according to data compiled by Bloomberg.

"The unrelenting increase in OPEC supply is going to put a lot of pressure on the market," John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy, said by phone. "There's a battle for more market share among OPEC members."

Brent for August settlement rose $1.07, or 1.7 percent, to $63.08 a barrel on the London-based ICE Futures Europe exchange at 12:02 p.m. in New York. Brent, the benchmark for more than half the world's oil, ended at $62.01 on Monday, the lowest close since April 15.

Iraqi production rose 567,000 barrels a day to a record 4.388 million this month, according to the survey. Iraq, OPEC's second-biggest producer, was responsible for more than half of the total gain this month.

Saudi Arabia, OPEC's top producer, increased output by 150,000 barrels a day to 10.45 million in June, the most in monthly Bloomberg data going back to 1989. The kingdom exported more crude because of higher Asian demand.

Iranian production rose 50,000 barrels a day to 2.85 million this month, leaving output at the highest level since March 2014. The nation pumped more than 3.1 million barrels a day from 1991 until July 2012, when additional sanctions were imposed on the Islamic republic to curb its nuclear program. Iran has estimated it could double exports from about 1 million barrels a day within six months of sanctions being lifted.

Negotiators from Iran and a group of six powers -- China, France, Germany, Russia, the U.K. and the U.S. -- formally extended the deadline for talks seeking a nuclear deal to July 7. Iranian Foreign Minister Mohammad Javad Zarif rejoined the negotiations in Vienna, accompanied by the president's brother and backed by the nation's supreme leader.

"The second half of the year will be very challenging for OPEC, especially if there's an Iran deal," Kilduff said.

Subscribe to Trend in Google News! Subscribe
Azerbaijan represented at III Pacific Alliance International Cooperation Forum
Azerbaijan represented at III Pacific Alliance International Cooperation Forum
Azerbaijani, Saudi Arabian foreign ministries hold consultations
Azerbaijani, Saudi Arabian foreign ministries hold consultations
Famous artist receives Azerbaijani citizenship
Famous artist receives Azerbaijani citizenship
Loading Bars
Latest
Eight Iraqi officers probing attack on PM arrested on charges of negligence
Biden urges calm over Omicron COVID-19 variant
Germany's SPD will announce its ministers next week
Messi wins The 2021 Ballon d'Or
Georgia’s electricity exports double
Wild winds in Turkey claim lives, close Bosphorus strait
Azerbaijan represented at III Pacific Alliance International Cooperation Forum
Iran top nuclear negotiator, Mora meet ahead of Vienna talks
Uzbekistan, Kyrgyzstan discuss creation of trade-logistics complexes in border areas
Twitter CEO Jack Dorsey to step down
Georgian delegation leaves for Brussels
Azerbaijani, Saudi Arabian foreign ministries hold consultations
Famous artist receives Azerbaijani citizenship
Azerbaijan holds expanded meeting of Operational Headquarters for Combating COVID-19 (PHOTO)
Azerbaijan approves COVID-19 certificates
Azerbaijan discloses state budget revenues through State Customs Committee
Volume of loans issued in Azerbaijan’s real estate sector increases
Price indexes of industrial, construction sectors at Uzbek stock exchange fall
Kazakhstan to build hybrid solar power station
Azerbaijan's foreign trade turnover increases in 10M2021
Some CSTO members’ congratulations to Azerbaijan show Armenia's insignificance in CSTO - analyst
Interest rates on consumer loans in Georgia increase
Uzbekistan starts construction of new branch of Gazli-Kagan gas pipeline
Kazakhstan eyes increasing container shipments
SOCAR projects increase in local manufacturing of fuel products from 2023
IRENEX shares data on sales of Bandar Imam Petrochemical Company
Turkmen Ministry of Textile extends tender for modernization of cotton-spinning factory
Snam to increase spending on energy transition activities
Iran eyes decrease in passenger transportation via Bandar Abbas International Airport
Turkmenistan becomes Uzbekistan’s second largest gasoline supplier
Azerbaijan adopts new state standard on farming activities
Azerbaijan Deposit Insurance Fund reveals number of loans of liquidated banks
Uzbek Statistics Committee shares data on import of cement
Azerbaijan rapidly continues construction of Barda-Aghdam highway (PHOTO)
Iran discloses details of its daily gasoline production
Snam reveals investment plans by 2024
Snam expects to achieve sustainable growth of main indicators in 2021-2025
Snam raises methane emissions reduction target
Azerbaijan’s economy minister talks projects submitted for country's industrial parks
New deputy ministers of Youth and Sports of Azerbaijan appointed
Georgia’s Partnership Fund to be renovated – minister
Iran resuming exports to Tajikistan through Turkmenistan's routes
SOCAR returns part of loans through its activities in Turkey
Issue of building railway, highway along Araz River resolved – Turkish President
Ankara is ready to take steps to normalize ties with Israel – Turkish President
Azerbaijan confirms 857 more COVID-19 cases, 1,091 recoveries
Iran’s Bahar Azadi gold coin price skyrockets
Azerbaijan shares data on number of vaccinated citizens
Number of Turkish citizens seeking jobs in Uzbekistan greatly increases
EV maker Phoenix Motors files for U.S. IPO
Turkmenistan pays special attention to boosting transport, transit communications - president
Kazakhstan's KMG Engineering to buy batteries via tender
Gulf bourses regain some ground after Omicron battering
Iran shares data on generation of Shahid Rajaee TPP
ADB to finance export projects of Turkmen SMEs
Data on new Omicron coronavirus strain analyzed by crisis center - Kremlin
Georgia sees increase in persimmon exports
Kazakhstan’s oil-producing company opens tender for equipment repair services
Portugal finds 13 cases of Omicron variant at Lisbon soccer club
Turkmenistan ready to provide its port facilities in Caspian Sea for ECO countries
Cargo transportation via Iran’s Ahvaz International Airport climbs
Israel's Partner Communications swings to Q3 profit
Foreign assets of Azerbaijan’s commercial banks increase in 10M2021
Civilian injured in mine explosion in Azerbaijan's Jabrayil district
Georgia expects slower monetary policy normalization pace – TBC Capital
SOCAR to optimize fuel production at Baku refinery based on international standards
Iran reveals COVID-19 data for November 29
Turkey reveals volume of cargo transshipped via its local ports in 10M2021
SOCAR expects progress on Heydar Aliyev Baku Oil Refinery reconstruction project by late 2021
Mortar and artillery units of Azerbaijani army hold live-fire tactical exercises (VIDEO)
Kazakhstan-Turkmenistan bilateral trade up for 9M2021
Weekly review of Azerbaijani oil market
Iran membership in ECO expands regional economic ties
Azerbaijani Economy Minister talks land allocated for Aghdam Industrial Park
Uzbek Central Bank notes growth in volume of non-performing loans
Russia detects 33,860 daily COVID-19 cases
Georgia’s tangerine exports double
Iran looks to use new methods to export crude oil, gas condensate
SOCAR Turkey announces time of making final decision on Merkury project
Price of apartments in Iran’s Tehran rising
Kazakhstan reports increase in cargo transport by air
National Bank of Georgia shares data on loans interest growth
Azerbaijan records growth in prices for hotel services - Hotels & Restaurants Association
Georgia’s GDP shows unprecedented growth – PM
Azerbaijan’s volume of loans issued to industry, manufacturing sector decreases
OPEC+ countries expected to adjust future plans at upcoming meeting - analyst
Azerbaijan’s SMBDA and "ASAN Radio" launch radio programs for entrepreneurs
Russia can fully increase oil production under OPEC+ deal - Deputy Prime Minister
Iran sees increase in exports via customs of Sistan & Baluchestan Province
Turkey discloses number of ships received at local ports in October 2021
Turkey discloses number of cars transshipped via local ports in 10M2021
Kazakhstan records decline in prices of several main food products
President Ilham Aliyev signs order to recall Consul General of Azerbaijan in Russia’s Yekaterinburg
Number of Turkish citizens seeking job in Turkmenistan grows for 10M2021
How will gas swap from Turkmenistan to Azerbaijan via Iran benefit participants?
Trilateral contract to help strengthen Iran's relations with neighbors – MP
COVID-19 vaccination certificates in Azerbaijan have no expiration date, TABIB says
Uzbekistan takes over chairmanship of organization of ECO summit
Russia plays very important role in normalization of relations between Armenia and Azerbaijan - President Aliyev
Azerbaijan looks to export diesel fuel to Turkish, Georgian markets (Exclusive)
All news