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.

Tags:  2010, crude, Iraq, Nigeria, oil, OPEC, OPEC member, production, supplies