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Venezuela, Nigeria Raise June Oil Exports, Iraq Cuts, Jodi Says

Venezuela, the holder of the world’s largest oil reserves, and Nigeria both increased shipments of crude in June, while Iraq cut exports during the month, according to the Joint Organization Data Initiative.

Venezuelan exports rose 10.6 percent from a month earlier to 1.72 million barrels a day and Nigeria shipped 2.49 million barrels a day, 18 percent more than May, according to statistics the governments submitted to OPEC and posted on JODI’s website today. Iraq, the second-largest producer in the 12-member Organization of Petroleum Exporting Countries, decreased shipments by 2 percent to 2.4 million barrels a day, Jodi data showed.

JODI is supervised by the Riyadh-based International Energy Forum and compiles data provided by member governments. The IEF, a group of nations accounting for more than 90 percent of global oil and natural-gas supply and demand, was established as a forum for producing and consuming countries to discuss energy security. The U.S., China and the European Union are among the IEF’s members, according to its website.

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