OPEC oil output hit the lowest in two decades in June as Saudi Arabia and other Gulf Arab members made larger cuts, a Reuters survey found, pushing group compliance in a supply reduction pact above 100% despite incomplete adherence by Iraq and Nigeria.
FILE PHOTO: The logo of the Organization of the Petroleoum Exporting Countries is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo
“Demand is expected to pick up in the second half of the year and there is a general consensus that the OPEC+ group will live up to expectations and will achieve high compliance in June and July,” said Tamas Varga of oil broker PVM. The biggest drop in supply came from Saudi Arabia, which pumped 7.55 million bpd in June, almost 1 million bpd below its OPEC+ quota, and the lowest for the kingdom since 2002 according to Reuters surveys PRODN-SA.OPEC supply also fell because Iraq and Nigeria, which were compliance laggards in May and in previous OPEC+ deals, made bigger cutbacks in June.
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