Opec crude oil production averaged a 19-month low 28.07mn b/d for June, and is poised to drop sharply as Saudi Arabia implements an additional 1mn b/d voluntary cut. Saudi Arabia confirmed this week that the 1mn b/d voluntary July cut has been extended to August, with the potential for further extensions, ensuring a steep drop-off for the group’s overall production for Q3.
Saudi Arabia announced the extension of the 1mn b/d cut on 3 July and was followed swiftly on the same day by a pledge by Opec+ producer Russia to cut August exports by 500,000 b/d, while Algeria pledged a modest 20,000 b/d August production cut. (CONTINUED - 1003 WORDS)
