OPEC Oil Output Again Misses Target in June: Survey

OPEC in June did not deliver on an oil output increase pledged under a deal with allies, a Reuters survey on July 1 showed, as involuntary declines in Libya and Nigeria offset supply increases by Saudi Arabia and other large producers.

OPEC pumped 28.52 million bbl/d in June, the survey found, down 100,000 bbl/d from May’s revised total. OPEC had planned to boost June output by about 275,000 bbl/d.

OPEC plus Russia and other allies, known as OPEC+, are unwinding 2020 output cuts made due to the pandemic, although many are struggling to do so. OPEC+ at a meeting on June 30 stuck to its planned output hike for August.