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OIL
OPEC and its Russia-led allies moved closer to quota compliance in June, cutting crude output by 130k b/d to 40.87m b/d, according to a Platts survey.
- OPEC production was up 10k b/d to 26.76m b/d, while non-OPEC (OPEC+ members) production fell 140k b/d to 14.11m b/d.
- Among members with quotas, production was 220k b/d above quota in June, compared to 239k b/d in May.
- Russia led the drop in non-OPEC production, cutting output by 140k b/d to 9.1m b/d in June, the lowest since Dec. 2020, but above its quota of 8.98m b/d.
- Two of the largest overproducers in the bloc cut production in June but remain above their quota.
- Iraq’s production was down 60k b/d to 4.22m b/d. Its quota is 4m b/d. Meanwhile, Kazakhstan increased output by 50k b/d to 1.54m b/d.
- The overproducers have pledged to compensate for excess output. They are part of a group implementing 2.2m b/d of voluntary cuts.
Source: S&P Global Commodity Insights
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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