Saudi Arabia, Iran and Nigeria set new oil production record
OPEC’s June crude production rose 300,000 barrels a day from a month earlier, to 32.73 million barrels a day, which is the highest level since August 2008, according to S&P Global Platts.
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."
The largest rise in output came from Nigeria, where production rose 150,000 b/d to 1.57 million b/d. Iranian output in June climbed to 3.63 million b/d, its highest since June 2011, and very close to pre-sanctions levels, according to Platts OPEC survey data. Saudi Arabia, increased its output further to produce an average 10.33 million b/d in June in order to meet domestic demand.