OPEC oil output up slightly in June, well above target: Survey

The 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group's crude oil output agreements boosted production by 40,000 barrels per day (bpd) to 26.6 mmbpd in June, from a revised May level of 26.56 mmbpd, a Platts survey showed Wednesday. This is well above the 25.8 mmbpd production target set in February by the so-called OPEC-10.

Total OPEC output, including volumes from Iraq and new member Angola, averaged 30.22 mmbpd in June, slightly higher than a revised figure of 30.21 mmbpd for May, the survey showed. does not participate in OPEC output agreements, while , whose membership of the group began in January, has yet to accept or be allocated any output target.

Small volume increases totaling 80,000 bpd from , , and the UAE were almost completely offset by output decreases totaling 70,000 bpd from , and .

Nigerian production in May has been revised downward to 2.05 mmbpd from 2.13 mmbpd. In June, the survey found Nigerian production to have risen to 2.08 mmbpd from the revised May level.

The International Energy Agency has called on OPEC to increase production ahead of the winter to ensure consumer stocks are adequate. OPEC has insisted that there is no current need for additional supply from its members but that it stands ready to produce more crude if this becomes necessary.

"Given what groups such as the International Energy Agency are saying is required for supply and demand to stay balanced in the second half of the year, consumers can't view this latest report as anything but discouraging," says John Kingston, Platts global director of oil. "Particularly worrisome is the fact that in the best one-step-forward-one-step-back practice, the production gains that were recorded were offset by losses elsewhere, including . A supply- demand balance that many see as a squeeze now, could be much tighter by the end of the year."

OPEC is next scheduled to meet on September 11 in Vienna , where it has its headquarters. The group last met in mid-March, when it decided to keep in place the nominal 1.7 mmbpd in output curbs agreed late last year. (*)

Country-by-country breakdown of production with figures in mmbpd:

Country	June	May	Apr	Mar	Feb	Cut
Algeria	1.350	1.350	1.330	1.330	1.330	0.084
Indonesia	0.830	0.840	0.840	0.850	0.840	0.055
Iran	3.880	3.850	3.800	3.800	3.800	0.249
Kuwait	2.420	2.420	2.410	2.410	2.410	0.142
Libya	1.680	1.680	1.680	1.680	1.680	0.102
Nigeria	2.080	2.050 (r)	2.200	2.150	2.250	0.142
Qatar	0.800	0.800	0.790	0.790	0.790	0.050
Saudi Arabia	8.610	8.610	8.600	8.600	8.600	0.538
UAE	2.550	2.540	2.500	2.500	2.490	0.143
Venezuela	2.400	2.420	2.420	2.430	2.430	0.195
OPEC-10	26.600	26.560 (r)	26.570	26.540	26.620	1.700
Angola*	1.640	1.630	1.580	1.570	1.550	N/A
Iraq	1.980	2.020	2.040	2.000	2.010	-
Total	30.220	30.210 (r)	30.190	30.110	30.180	-
* Platts estimates ** Angola joined OPEC on January 1, 2007.

OPEC oil output up slightly in June, well above target: Survey

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