Weekly MENA Newsletter will be delivered to your email in PDF format every Friday (52 Issues per Year).
The extent of the production gains racked up by the most dominant producers within the Opec+ grouping in June highlight that they had already increased production prior to the 22 June Opec meeting. Russia and Saudi Arabia added a combined 400,000 b/d between them, clearly showing that they were not leaving Vienna with the pre-existing country limitations still in force.
Yet a mammoth 310,000 b/d monthly gain by Saudi Arabia in June was still not sufficient to substantially bolster Opec production and stabilize oil markets. Opec’s total output rose a much more modest 110,000 b/d to 32.15mn b/d, and the quarterly average of 32.07mn b/d was the lowest since 31.96mn b/d for the second quarter of 2015.
DON'T HAVE AN ACCOUNT?
NEED TO UPGRADE YOUR CURRENT SUBSCRIPTION?
By upgrading your Print or Digital subscription you will gain access to the MEES Archives Database with past articles and data dating back from 1984.UPGRADE