Opec crude production fell nearly 2mn b/d in June thanks to a combination of voluntary cuts from the trio of GCC members and improved compliance to the stringent Opec+ production restrictions from other adherants. Output from the group’s 13 members averaged just 22.34mn b/d over the course of June, down a staggering 6.98mn b/d year-on-year, to its lowest level since May 1991.
Combined output from the 10 Opec producers subject to restrictions averaged 19.90mn b/d last month, 700,000 b/d below the grouping’s ceiling of 20.60mn b/d. Given the scale of the historic production cuts agreed upon in April (MEES, 17 April), producing so far beneath that level is a notable achievement. (CONTINUED - 1063 WORDS)