OPEC crude oil production in June exceeded expecta

OPEC crude oil production in June exceeded expectations, and the production of exempted countries continued to rise due to production reduction

OPEC crude oil production in June exceeded expectations, and the production of exempted countries continued to rise due to production reduction

July 12, 2017

[China paint information]

according to Reuters on Tuesday (July 11), the oil supply monitoring data of the organization of Petroleum Exporting Countries (OPEC) showed that the oil production of the organization of Petroleum Exporting Countries (OPEC) increased by more than 300000 barrels/day in June, The main reason is that the oil production capacity of the two countries, which is not subject to the oil production reduction agreement, has been restored recently. 2. The pure digital PLL position pulse control mode, without zero drift and imbalance

OPEC member states reached an agreement to reduce production by 1.2 million barrels of oil per day from January 1 this year to reduce inventories and support the international oil price of Brent futures. Russia and 10 other non OPEC member countries also agreed to reduce production by 600000 barrels per day

according to the balanced assessment of secondary data sources of OPEC oil production statistics and the verification of Reuters, the overall oil production of OPEC 13 member countries, including Nigeria and Libya, rose to 32.47 million barrels per day in June. This figure exceeds the daily oil production of 330000 barrels calculated by OPEC in May

Nigeria and Libya's oil production soared, which was contrary to the original intention of the production reduction agreement plan and put pressure on Brent futures oil price. The recovery of oil production capacity of the two countries led to discussions among oil producing countries to include Libya and Nigeria in the production reduction plan

according to the statistics of the same second-hand data source and verified by Reuters, the overall oil production of the other 11 OPEC oil producing countries in June was 29.84 million barrels per day. According to OPEC's calculation, that is to say, under the premise of abiding by the agreement, the actual output in June is lower than the expected value announced in May, which is only 97% of the expected value, while the output in June was predicted to exceed this value in May

opec plans to publish the June oil production assessment in its monthly oil market report on Wednesday, drawing on the second-hand data used. OPEC said that as more and more second-hand data are quoted, the calculated value may be revised before publication

opec refers to the two channels of national statistical data and second-hand data including industrial media to monitor oil production data. This is also a controversial topic that has occurred continuously in the past. No one knows more about the question of the real production level of the experimental machine than we do

the production reduction data negotiated last year was also evaluated by second-hand data

according to relevant industry news, the same expectation in the OPEC report on Wednesday is that Saudi Arabia will report that its output in June has risen to 10million barrels per day, exceeding the output of 9.88 million barrels per day in May

opec said that this figure slightly exceeded the planned figure of 10.058 million barrels per day of OPEC in the first month of this year, although from the average output in 2017, this figure is still below the average

the six second-hand information sources often used by OPEC are mainly in China's Plastic Machinery Market: the International Energy Agency, the oil pricing agency Platts energy information ball screw with the highest accuracy, and Argus, the U.S. Energy Information Administration (EIA), the Cambridge Energy Research Consulting Company (CERA) and Petroleum Information Weekly (PIW)