OPEC oil output rebounds in June after three-month decline

In June, OPEC's total output stood at about 22 million bpd, according to the group's latest Monthly Oil Market Report on Monday.

The United Arab Emirates posted the largest monthly increase, with output rising by 1.642 million bpd to around 3.81 million bpd.

Kuwait's production climbed by 880,000 bpd to 1.45 million bpd, while Iraq increased output by 446,000 bpd to 1.97 million bpd.

Production also rose in Iran, up 155,000 bpd to 2.44 million bpd, Libya, up 22,000 bpd to 1.32 million bpd, Gabon, up 10,000 bpd to 224,000 bpd, and Algeria and Nigeria, each up 5,000 bpd.

The largest decline came from Saudi Arabia, whose production fell by 99,000 bpd to around 6.85 million bpd, as production in Equatorial Guinea and Congo also declined, each by 7,000 bpd, to 44,000 bpd and 274,000 bpd, respectively. Venezuela's output slipped by 1,000 bpd to 1.07 million bpd.

Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers, increased by about 2.99 million barrels per day in June to average 36.28 million bpd.