OPEC Oil Output Climbs To a Nearly 8-year High In June: S&P Global Platts

By Myra P. SaefongMarketsMarketWatch Pulse

Oil production from the Organization of the Petroleum Exporting Countries rose by 300,000 barrels a day in June from a month earlier, to 32.73 million barrels a day, according to a S&P Global Platts survey released Monday. Platts said that its survey of OPEC and oil-industry officials showed that output was at a nearly eight-year high as output in Nigeria and Libya "tentatively recovered along with steady increases for Saudi Arabia and Iran." Saudi Arabia raised its production to an average of 10.33 million barrels a day in June, from as much as 10.45 million barrels a day last summer, Platts said. August West Texas Intermediate crude fell 10 cents, or 0.2%, to $45.31 a barrel on the New York Mercantile Exchange. September Brent crude traded at $46.68 a barrel, down 8 cents, or 0.2%.

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