Stock market quotes, forex, financial news, forex tools – money-investing.com

In June, OPEC reduced production by 68 thousand b / d

 Breaking News
  • Boeing announced the start of massive layoffs The Boeing Company has no choice but to take drastic measures. The world’s largest manufacturer of space and aviation equipment is forced to reduce the number of staff by 13...
  • Serious drawdown of oil quotes Today, oil is actively declining. A very significant increase in the reserves of “black gold” in the United States caused this drop. Moreover, the fears that Russia will not reduce...
  • Swiss watch makers are in crisis Swiss watch exports in April crashed at a record pace the drop has totaled 81% compared with the same period last year. Halting production and difficulties with sales caused by...
  • The intensification of the conflict between the USA and China leads to reduction of oil prices The energy market has started the trading session rather unsuccessfully. The next round of the trade war between the States and China caused the price fall. Because of this investors...
  • Germany saves Lufthansa An air carrier Deutsche Lufthansa AG has suffered losses because of the spread of the coronavirus pandemic. It became known that the German government had not left the matter unattended...
In June, OPEC reduced production by 68 thousand b / d
July 12
09:00 2019

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

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment