OPEC member countries oil production falls on lower supplies

The latest 2010 OPEC member oil figures for crude oil production and general oil output from OPEC member countries fell in June 2010 because of lower supplies from Iraq, Angola and Nigeria.

Meanwhile, OPEC officials moved to defend current oil prices. “Current prices are comfortable,” Abdalla El-Badri, the Secretary General of OPEC told reporters ahead of a meeting with European Union officials this Monday. “I don’t see any change in oil production, I don’t see any meeting coming before the set up meeting in October,” he added.

The OPEC Secretary General also had said however that there is “a lot of oil” in the market, and more discipline is needed among OPEC countries.

OPEC, source of more than a third of the world’s oil, has left its output ceiling unchanged for more than a year since announcing a record supply curb of 4.2 million bpd in December 2008 to combat lower demand and prices.

• Nigeria oil production increase a problem for OPEC members
• WTI oil price at $72, US oil production in 2011 to drop
• Brent oil price trading above $72, looks to US crude data
• OPEC weekly crude oil price rebounds to back over $70
• WTI oil price trading higher, over $73 on US supplies data
• OPEC signals that oil prices may need boost under $65
• More OPEC oil output needed if prices hit $100 plus
• Oil market report, the IEA sees higher 2010 crude oil demand
• Brent oil price trading at 2010 highs on contract expiry
• OPEC would consider raising output if oil prices hit $95 mark
• OPEC members expect that 2010 oil demand will rise
• Oil prices trading near 2010 highs as OPEC holds output
• Oil prices above $82 as traders look to US supplies, OPEC
• Oil trading price predictions for 2010 to 2012
• Goldman Sachs predicts summer oil price at $92 – $97 range
• Oil trading outpaced US stock market since 2009 lows
• Iran’s Khatibi say’s $100 crude oil price is “good price”
• Top Libya official says OPEC to keep oil output unchanged
• OPEC members oil output in Feb 2010 hits 14 month high
• Ecuador’s Pinto says OPEC oil output to remain unchanged

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OPEC member countries oil production falls on lower supplies