• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 55 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 9 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Energy Armageddon
  • 20 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 3 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 3 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 20 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 hours Is Europe heading for winter of discontent with extensive gas shortages?
  • 3 days The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Goldman Betting on Cryptocurrencies
  • 7 days Сryptocurrency predictions
  • 12 days Putin and Xi Bet on the Global South
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC’s Oil Production Drops As Cartel Undershoots Target Again

OPEC’s crude oil production fell in June compared to May, due to outages in Libya and Nigeria, and the 10 cartel producers bound by the OPEC+ pact lifted their combined production by just 20,000 barrels per day (bpd) last month, the monthly Reuters survey showed on Friday.

OPEC’s all 13 members—including Libya, Iran, and Venezuela that are exempted from the pact—saw their collective production drop by 100,000 bpd month over month in June, to 28.52 million bpd, according to the survey. Under the OPEC+ pact, OPEC-10 targeted to increase its production in June by 275,000 bpd. Instead, they lifted their output by just 20,000 bpd.

Saudi Arabia, the United Arab Emirates (UAE), and Kuwait boosted their combined output by 130,000 bpd in June, showed the Reuters survey of shipping data providers and sources at OPEC and oil companies.

However, even Saudi Arabia, OPEC’s biggest producer and the world’s top crude oil exporter, pumped more than 100,000 bpd below its quota, the survey found.

Saudi Arabia’s target for June was 10.663 million bpd.

In June, Libya—not part of the OPEC+ deal—saw the largest decline in production, followed by Nigeria, where output is estimated to have dropped by between 80,000 bpd and 100,000 bpd last month.

Production and exports from Iraq, OPEC’s second-largest producer, also fell, according to the Reuters survey.

This survey and other shipping data suggest that OPEC continues to underperform in its collective production target and supply to the market is much lower than the nominal monthly increases the OPEC+ group has claimed to be doing.

In May, OPEC+ was estimated to be falling behind its overall production target by a massive 2.695 million bpd due to Western sanctions on Russia and capacity constraints at several other producers unable to pump to quotas.  

Earlier this week, OPEC+ confirmed a 648,000 bpd production hike for August, with which it will have effectively rolled back all the cuts it started in May 2020 in response to the crash in demand.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News