OPEC OUTPUT REACHED 28.6 MLN BARRELS

13.07.2004 [17:28]
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The International Energy Agency, US announces OPEC crude supply averaged 28.6 million barrels per day in June.

The output rose by 635,000 bpd in comparison with May, and it is highest level since Nov 2000 and more than 10 per cent above the cartel's official quota ceiling.

The sharp OPEC increase, which came despite a fall in production in Iraq of 325,000 bpd, was still not enough to offset market concerns over strong demand and supply disruptions which have pushed oil prices to above $40, the IEA said.

OPEC OUTPUT REACHED 28.6 MLN BARRELS

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