OPEC Output Reaches 2017 High As Libya Reaches 1 Million Bpd

OPEC oil output reached a 2017 high in June as Libya and Nigeria continue a production recovery despite the bloc’s efforts to ease a global supply glut, the results of a new Reuters survey shows. The African duo is exempt from an OPEC deal to limit output to 32.5 million barrels per day through March 2018, but the June rate will surge to 32.72 million bpd – marking a 280,000 bpd increase from the previous month. This figure includes production from Equatorial Guinea, which only officially joined OPEC in May. Saudi Arabia and Kuwait…
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