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OPEC Oil Production Rises in June

Crude oil production in June from the Organization of Petroleum Exporting Countries (OPEC), including its newest member country, Congo, increased by 173,000 barrels to 32.33 million barrels per day (mb/d), according to secondary sources of OPEC's data on Wednesday.

According to OPEC's monthly oil market report, global oil supply in June increased by 0.60 mb/d month on month (m-o-m) to 98.01 mb/d. For the month of June, non-OPEC supply, including OPEC natural gas liquids, rose by 0.43 mb/d to average 65.68 mb/d - a year-on-year increase of 2.08 mb/d.

In addition, the share of OPEC crude oil in total global production remained unchanged at 33 percent in June compared with the previous month.

Crude oil output increased mostly in Saudi Arabia, Iraq, Nigeria, Kuwait and the U.A.E., while production showed declines in Libya, Venezuela and Angola.

Crude oil production in Saudi Arabia increased by 405,400 barrels per day to reach 10.42 mb/d, while Libya saw declines of 254,300 barrels, lowering the overall production figure to a total of 708,000 barrels per day.

- Global oil demand

In 2019, demand for OPEC crude is projected to decline by 0.8 mb/d to average 32.2 mb/d.

"For 2019, initial projections for world oil demand growth are pegged at 1.45 mb/d with total annual global consumption anticipated to exceed the historical threshold of 100 mb/d," the organization says.

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