No data to display.

OPEC increased output most in June in a year

By Shubhangi on Jul 03, 2021 | 05:33 AM IST

oil.png

OPEC increased oil production the most in the month of June in a year as demand rises with countries lifting restrictions.

The Organization of Petroleum Exporting Countries increased production in June by 855,000 barrels a day to 26.47 million a day, reported Bloomberg.

With consumption increases in US, Europe and parts of Asia, the oil producing countries are reviving output.

OPEC members have increased supplies last month with Saudi Arabia surging output by 490,000 barrels a day to 8.95 million a day.

Countries like Iran which has been under the burden of sanctions and Venezuela going through economic and industrial crises have also increased output in June.

The OPEC+ alliance, including Russia is discussing to increase output with demand increasing.

(With inputs from Bloomberg)

Picture Credits: Bloomberg

Stock View