OPEC daily basket price stood at $58.79 a barrel Tuesday, 30 June 2015

OPEC daily basket price stood at $58.79 a barrel Tuesday, 30 June 2015

The price of OPEC basket of twelve crudes stood at 58.79 dollars a barrel on Tuesday, compared with $58.24 the previous day, according to OPEC Secretariat calculations.

OPEC’s daily output climbed to a three-year high in June
The biggest increase in June has come from Iraq, which has helped push OPEC output higher this year.

Exports from southern Iraq have jumped to 3 million bpd after Iraq split the crude stream into two grades, Basra Heavy and Basra Light, to resolve quality issues. Shipments from Iraq’s north via Ceyhan in Turkey have reportedly remained steady

Saudi Arabia hit near-record output, despite the clamour by the poorer members, as well as outages in Nigeria and Libya that reduced exports. Nigeria’s output increased by only 60,000 barrels per day.

Riyadh and its gulf allies have opposed any reduction in OPEC’s output, so as not to lose market share to shale oil.

Oil and Gas Press

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