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OPEC output steady, IEA says

OPEC static amid forecasts of slow growth from non-members.
By Daniel J. Graeber   |   July 11, 2014 at 9:02 AM   |   Comments

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VIENNA, July 11 (UPI) -- Lower oil production from Iraq was offset by gains elsewhere from members of OPEC, the International Energy Agency said Friday.

The Organization of Petroleum Exporting Countries said in its monthly market report for June production from Iraq had declined. IEA, based in Paris, said it saw little overall change from the 12 members that combine to represent about 60 percent of the total petroleum traded internationally

"OPEC supplies were virtually unchanged in June at 30.03 million barrels per day, as lower Iraqi production offset gains in Saudi Arabia, Iran, Nigeria and Angola," IEA said in its monthly market report.

Libya, a once-major North African oil producer, has struggled to return to a pre-war production level of around 1.4 million barrels of oil per day. A Sunni-led insurgency in Iraq, meanwhile, is threatening the country's oil sector.

OPEC in a June statement said there is sufficient oil production from OPEC members and steady growth from non-members to keep markets satiated.

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