Tuesday, June 29, 2010

OPEC June oil output falls -Reuters survey


LONDON (Reuters) - OPEC crude oil supply has fallen in June from the 17-month high reached in May because of lower supplies from Iraq, Angola and Nigeria, a Reuters survey showed on Tuesday.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets, all except Iraq, has averaged 26.75 million barrels per day (bpd) this month, down from 26.90 million bpd in May, according to the survey of oil firms, OPEC officials and analysts.

Supply from the OPEC-11 is 1.91 million bpd higher in June than their target of 24.84 million bpd, the survey found, meaning the group achieved 2.29 million bpd of the promised curbs. That left compliance at 55 percent, up 4 percentage points from May.

Total OPEC supply including Iraq is down 190,000 bpd to 29.10 million bpd, the survey found.

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