OPEC reports on oil production in June
OPEC decreased its daily oil production by 68,000 barrels to 29.83 million barrels in June, fulfilling an oil output reduction deal between the organization and non-OPEC countries by 122%, the organization said in a report citing data of secondary sources.
Oil output mainly fell in Iraq, Libya, and Angola, but rose in Nigeria and Saudi Arabia.
According to figures, supply from Iran posted the biggest decline, by 142,000 bpd to 2.22 mbpd, as Washington tightened the screws on Iranian exports.
Top exporter Saudi Arabia increased output by 126,000 bpd to 9.81 million bpd in June but continued to voluntarily pump less than the supply pact allows it to in order to bolster the market. Nigeria, seeking a higher OPEC quota, posted the group’s largest boost in output, Reuters reported.