Platts Survey: OPEC Crude Output Rises to 32.47 Million Barrels Per Day in June, Up 230,000 b/d from May

London (ots/PRNewswire) -

The 13 members of the Organization of Petroleum Exporting
Countries (OPEC) pumped an average 32.47 million barrels per day
(b/d) of crude oil in June, an increase of 230,000 b/d from the May
level of 32.24 million b/d, according to the latest Platts survey of
OPEC and oil industry officials. Higher volumes from Saudi Arabia
accounted for almost all of the increase.

Excluding Iraq, the 12 members bound by OPEC output agreements
pumped an average 29.98 million b/d in June, up from 29.75 million
b/d in May, and 307,000 b/d in excess of their 29.673 million b/d
output target, the survey showed.

Saudi Arabia produced an average 9.45 million b/d, which is up
210,000 b/d from the previous month. The Saudi government, during US
President George Bush's visit in May, said that it would boost output
to 9.45 million b/d in June. The government has since said it will
increase output further in July, to 9.7 million b/d, in line with
increased demand.

Other smaller increases totaling 80,000 b/d came from Iran,
Angola, Kuwait and Qatar.

The only production decrease in June came from Nigeria, whose
output fell 60,000 b/d to 1.8 million b/d as militant activity
disrupted some operations.

Iraqi output was largely unchanged; a dip in exports was offset
by higher internal consumption.

"The Saudis did their part, raising their output precisely to the
levels they promised," said Platts Global Director of Oil John
Kingston. "It isn't clear whether this additional Saudi crude is
going to go into consumption or inventory, but either way, it should
find a home."

For more information on OPEC, go to the "Platts Guide to OPEC" at
http://www.opec.platts.com. For production numbers by country, a
table is available at http://www.platts.com/Oil/Resources/News%20Feat
ures/opec/prod_table.xml.

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