OPEC Production

[dan_s]

Bloomberg is reporting June OPEC production at 32.88 million b/d, an increase of 240,000 b/d and in line with Reuters estimates released late last week. The Bloomberg data showed Nigerian production recovering 90,000 b/d to 1.53 million b/d, Kuwait and Saudi Arabia both up 70,000 b/d and Libya bouncing back 40,000 b/d to 320,000 b/d. Iran’s production was flat (at 3.5 million b/d) for the first time since sanctions were lifted in January while Iraqi production declined for a second straight month to 4.3 million b/d. There may be a bit of a curve ball from Nigeria: The Wall Street Journal reported yesterday that militants in the Niger delta region resumed attacks on oil infrastructure over the weekend, a report confirmed by state oil company NNPC.

The EIA's weekly oil storage report will come out Thursday because of the July 4 holiday. I expect to see another draw from crude oil storage.