OPEC oil output up by 360,000 bpd in June: Report

Logo of OPEC

Oil production from OPEC's 12 member nations accelerated at its highest pace in four months in June, on the back of the group’s efforts to revive supplies, Bloomberg reported.

A Bloomberg survey, the results of which were published today, July 2, indicated that OPEC’s total crude output grew by 360,000 barrels per ay (bpd) to 28 million bpd last month.

This uptrend, according to Bloomberg, came against the backdrop of a slowdown in Chinese oil demand and oversupply in the US. The latter factor may be behind OPEC’s focus on regaining its share of the global oil market.