- OPEC's oil output in June only slightly fell as Iraq and Nigeria's increases offset the cutbacks by other members. According to a Reuters survey, OPEC pumped 28.18 million bpd in June, down 50,000 bpd from May's revised figure, which dropped by 240,000 bpd due to the latest cut.
- Despite an upcoming voluntary reduction by Saudi Arabia in July as part of the June agreement, the survey suggests little progress by OPEC in limiting supply. In April, several OPEC+ members pledged additional voluntary cuts on top of the earlier reductions made in late 2022 due to the worsening economic outlook.
Why it matters
In May, six OPEC members agreed to cut output by an additional 1.04 million bpd, on top of existing reductions. These curbs remained in place for June. However, the survey found that among the OPEC nations required to limit output, production in June fell by only 10,000 bpd, as increases in Iraq and Nigeria offset cuts by other members.
