June Oil Production Rose, Except In Venezuela

The Organization of Petroleum Exporting Countries may have extended a cut in oil production, but the June data show an increase in production compared to May. In OPEC's July monthly oil-market report (a PDF), the organization projected a 2% rise in non-OPEC oil supplies in 2018, with the lion's share from the United States, followed by Brazil, Canada and Russia. It sees supplies declining in Mexico and China. In June, according to OPEC's information from secondary sources, production rose the most in Libya and Nigeria, which are exempt from production cuts. But Angola and Saudi Arabia production was notably higher, as was production in Iraq and Iran. (See table for numbers.) More…