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OPEC Output Falls in June: Reuters Survey

OIL

OPEC pumped 28.52 million bpd in June, according to a Reuters survey, down 100,000 bpd from May’s revised total.

  • OPEC had planned to boost June output by about 275,000 bpd.
  • 10 OPEC members are pumping far less than called for under the deal.
  • OPEC compliance with pledged cuts was 253% in June, up from 178% in May.
  • Libyan supply dropped the most by 170,000 bpd due to unrest in the country.
  • The second-largest decline of 80,000 bpd came from Nigeria, where outages and maintenance curbed output.
  • Saudi Arabia, the United Arab Emirates and Kuwait added a combined 130,000 bpd. Saudi was still 100,000 bpd below its quota.
  • The survey is based on shipping data provided by external sources, Refinitiv Eikon flows data, information from tanker trackers such as Petro-Logistics, as well as information provided by sources at oil companies, OPEC and consultants.
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