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OPEC+ Production at Three Year Low in June: Argus

OIL

OPEC+ production for members subject to cuts fell for a third straight month in June according to Argus estimates.

  • Output fell by 90,000 b/d to 33.98mn b/d in June – a three year low despite the group overshooting its target by 130,000 b/d.
  • The nine Opec members subject to cuts were 150,000 b/d above target in June, but this was partially offset by the nine non-Opec members of the group, which produced 20,000 b/d below.
  • Russia has been a big contributor to the drop. It reduced its production by 120,000 b/d to 9.14mn b/d last month - still well above its target of 8.98mn b/d.
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