OPEC Production Jumps Again in June

OPEC's oil production rose again in June, driven by increases in Libya and Nigeria, and as top exporter Saudi Arabia reported pumping more than it agreed to last year.

The producer group's total output jumped by about 393,500 barrels a day to a total of 32.6 million barrels a day last month, according to independent assessments cited by OPEC in a monthly report, CNBC reported.

The increases came despite the producer group extending a deal to limit production in May. OPEC and other exporters, including Russia, have agreed to cut output by 1.8 million barrels a day from October levels through the first quarter of 2018. The cuts are aimed at shrinking global stockpiles and boosting oil prices.

While the bump in OPEC's June output is just a fraction of global production, the group has struggled to drive stocks in the developed world down to the five-year average. The effort has pushed up oil prices, leading to a quicker-than-expected rise in production in the United States and elsewhere.

Libya and Nigeria, two OPEC members exempt from cutting output, once again led the increases. OPEC granted them exemptions because their supply had been reduced by internal conflicts, but the group is reportedly considering output caps now that they've restored much of their production.

Still, OPEC's two largest producers, Saudi Arabia and Iraq, as well as Angola, have also increased output.

Notably, Saudi Arabia reported it raised output by 190,000 barrels a day, pushing its total output to 10.07 million barrels a day, slightly above the cap it agreed to in November. The self-reported increase was nearly four times as large as independent assessments of the kingdom's change in production.

Data on tanker ship loadings had indicated that exports from Saudi Arabia and other OPEC members rose in June.