London — Russia and Saudi Arabia raised their oil production by a combined 500,000 b/d, and OPEC crude output hit a four-month high of 31.87 million b/d in June, reflecting agreement on easing output cuts, the IEA said Thursday.
In its monthly oil market report, the IEA also said Saudi Arabia had broken its output quota under the 2016 output pact among OPEC and non-OPEC countries, increasing its crude output by 430,000 b/d to 10.46 million b/d.
It said the OPEC/non-OPEC group had achieved 100% compliance with the 2016 agreement, rather than the over-compliance of previous months. For OPEC members, compliance averaged 120% in June, while for non-OPEC members it was just 66%, it said.
The IEA also raised its estimate of production growth by non-OPEC producers in 2019 to 1.8 million b/d, from 1.7 million b/d in its previous report, citing mainly US production prospects.
— Nick Coleman, [email protected]
— Edited by Jonathan Dart, [email protected]
Source: S&P Global Platts
