OPEC Oil Production Drops In June On New Supply Outages

OilPrice.com | Jul 11, 2019 at 12:00 PM
  • OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases in Saudi Arabia and Nigeria.
  • The cartel’s output hit a new low in recent years and was at the lowest in five years in June.
  • Among OPEC’s members who boosted production, Nigeria led the increases with 129,000 bpd in June over May, while the largest producer Saudi Arabia raised its crude oil production by 126,000 bpd to 9.813 million bpd, still cutting more than its quota of 10.311 million bpd under the pact.