"In May, OPEC’s oil production had dropped to a 2015 low of 30.17 million bpd, as a major 200,000-bpd increase in Saudi Arabia’s production was unable to offset an even larger production decline in Iran"
OPEC Oil Production Dips To 2014 Low
OPEC’s crude oil production dropped to below 30 million bpd in June, down by 170,000 bpd from May and the lowest monthly output since April 2014, as higher Saudi oil supply was insufficient to compensate for declines in the cartel members subject to U.S. sanctions, Iran and Venezuela, the monthly Reuters survey showed on Friday.
OPEC pumped 29.60 million bpd in June, according to the Reuters survey that tracks supply to the market from shipping data and sources at OPEC, oil companies, and consulting firms.
Saudi Arabia, OPEC’s largest producer, boosted supply by 100,000 bpd in June over May, to 9.8 million bpd, the survey showed.
Despite the increase, Saudi Arabia was comfortably below its 10.311-million-bpd cap under the OPEC+ deal as it had been overachieving in its share of the cuts by 500,000 bpd in the previous months.
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