OPEC hits lowest production in two decades

A recent Reuters poll reported that oil production from Opec (Organization of Petroleum Exporting Countries) reached its lowest level in two decades in June. This would all be a consequence of the expansion of supply from Saudi Arabia and other members of the Gulf group that led the cartel to achieve more than 100% support for its production reduct

ion pact. In June, the organization pumped an average of 22.62 million barrels per day (bpd), down 1.92 million bpd from the revised data in May. Noting that in April this year, OPEC and its allies struck a deal for record supply cuts to offset the drop in demand stemming from the coronavirus crisis. 

According to the survey, so far, countries have delivered 6.5 million bpd of the promised cuts, or 107% of the target. The largest cut was from Saudi Arabia, while Iraq reduced exports from the south and north, bringing its membership to 62%, while Nigeria increased the level of compliance to 72%.

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