OPEC output steady, Saudi compensates for Iran fall: Reuters Survey
Reuters / Alex Lawler

(Reuters) - OPEC's oil output has remained close to its highest since 2008 in June as extra oil from Saudi Arabia and Iraq has compensated for a drop in Iranian supply to its lowest level in more than two decades, a Reuters survey found on Friday.

U.S. and European sanctions have pushed Iran from second-largest producer in the Organization of the Petroleum Exporting Countries to rank third behind Iraq.

The survey added to evidence that Saudi Arabia is showing no sign of changing its policy of high oil output to support the world economy, despite a fall in crude prices in June below $90 a barrel from near $130 in March.

"I don't see Saudi Arabia cutting production by very much until the Iranian embargo situation is clarified and because of concern about global economic growth," said Paul Tossetti, senior energy adviser at PFC Energy.

Supply from the 12-member OPEC has averaged 31.63 million bpd as the end of the month approaches, down from a revised 31.70 million bpd in May, the survey of sources at oil companies, OPEC officials and analysts found.

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