Oil in Global Economy Series: OPEC oil exports rise to highest in 10 months in June

As oil price soars, OPEC producers are back in business to make some extra dough.

The numbers released this week, strongly suggests that the trend is likely to continue for some time as the price of oil is showing no signs of decline as the focus has finally turned to the geopolitical risks surrounding the oil market.

Production increased in June:

A survey by Reuters’ suggests that OPEC production has gone up last month by 320,000 barrels per day to 32.32 million barrels per day in June. Saudi Arabia alone increased production by more than 700,000 barrels per day. You can check out the production details here, https://www.econotimes.com/Oil-in-Global-Economy-Series-Reuters-survey-suggests-OPEC-production-up-by-3-20000-barrels-in-June-1398058

Along with a rise in exports:

A separate analysis by Reuters also suggests that the exports from OPEC have gone up by 1.4 million barrels per day and reached 25.5 million barrels per day, the highest since September 2017. Saudi Arabia registered the biggest increase in exports (0.55 million barrels per day. Exports from Iran declined by 0.1 million barrels per day.  See chart for details.