OPEC is determined again to reduce oil production. The amount of oil produced in June has decreased by 68 thousand b / d. The total oil output produced by the cartel has amounted to 29.8 million b / d. The cartel, referring to secondary sources, has provided such data.
Iran has ceased to publish its production statistics after the resumption of the US sanctions. However, some sources report that the country produces 2.2 million b / d. Compared with May, production fell by 140 thousand per day. Libya has reduced production by 58 thousand – to 1.1 million b / d.
Meanwhile, Saudi Arabia has boosted the production level, increasing it by 125,000 b / d compared with the May index. But the country shouldn’t stay in the penalty box because it exceeds the OPEC + plan by 500 thousand per day.
During the first summer month, OPEC members were able to cut production by 175,000 b / d more than OPEC + demanded. Thus, they have managed to exceed the plan agreed by 120%.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group