Arab Today, arab today saudi cranks up june oil output iran slumps
Last Updated : GMT 11:15:04
Arab Today, arab today
Arab Today, arab today

Saudi cranks up June oil output, Iran slumps

Arab Today, arab today

Arab Today, arab today Saudi cranks up June oil output, Iran slumps

Cairo - Arabstoday

Top oil exporter Saudi Arabia ramped up output to record rates in June despite a big drop in oil prices as Iranian production sank to its lowest in more than 20 years, OPEC said on Wednesday. Riyadh said it pumped 10.1 million barrels per day (bpd) last month, up 300,000 bpd on May, according to a monthly report from the Organization of the Petroleum Exporting Countries. Iran\'s output slumped by almost 190,000 bpd to 2.96 million bpd, according to secondary sources, OPEC said, allowing former rival Iraq to overtake it as the 12-member group\'s second biggest producer after Saudi Arabia. Riyadh\'s high production underlines the kingdom\'s aim to support the world economy despite a fall in crude prices in June to below $90 (57.81 pounds) a barrel from near $130 in March. Industry sources expect Saudi flows to drop below the 10 million bpd mark this month due to reduced demand from Asia. In addition to the 10.1 million bpd pumped from Saudi oilfields, Riyadh also topped up supplies in June with about 200,000 bpd from storage, an industry source told Reuters. At the same time, Iran\'s supply dropped sharply as the European Union embargo that took effect on 1 July further limited its production. Iran did not submit its own production figures to OPEC for June, the first time it has not done so this year. In May, it reported an output figure of 3.76 million bpd, 600,000 bpd above estimates from secondary sources. Iran acknowledged for the first time last month that exports had fallen sharply. Tehran has been reluctant to release information about its production and exports as international sanctions have taken hold. Western sanctions are forcing Iran to take action and shut off wells at its oilfields, reducing production to levels last seen more than two decades ago and costing Tehran billions in lost revenues. Total OPEC oil production averaged 31.36 million bpd in June, a drop of 106,000 bpd on the previous month, according to the secondary sources. Riyadh pumped 9.89 million bpd, up a shade on May, they said. OPEC is pumping nearly 1.4 million bpd above its official ceiling of 30 million bpd despite agreeing to stick to that target at a 14 June meeting. From ahramonline

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today saudi cranks up june oil output iran slumps Arab Today, arab today saudi cranks up june oil output iran slumps

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success

GMT 15:37 2017 Wednesday ,22 February

Nakilat Posts QR 955 Million Profit in 2016

GMT 15:32 2017 Wednesday ,22 February

Laffan Refinery 2 Cost QR 3 Billion

GMT 15:31 2017 Wednesday ,22 February

Oil up 2% as OPEC chief sees higher compliance with cuts

GMT 07:00 2017 Wednesday ,22 February

Oil prices rise on high OPEC compliance with output cuts

GMT 05:23 2017 Tuesday ,21 February

Oil rises, but growing US output threatens rally

GMT 00:24 2017 Tuesday ,21 February

OPEC daily basket price announced for Thursday

GMT 16:12 2017 Sunday ,19 February

Oil prices still under pressure from North America
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday