OPEC June oil output rises by 270,000 bpd from May to 27.02 million bpd - Survey.
- According to a survey, OPEC oil output increased in June, headed by Saudi Arabia, following an OPEC+ agreement to increase production, however the increase was restricted as Iraq pumped below target to compensate for previous overproduction.
- OPEC pumped 27.02 million barrels per day last month, up 270,000 bpd from May, according to the study, with Saudi Arabia leading the way.
- OPEC+ is speeding up its effort to reverse its most recent round of output cuts. At the same time, some members are compelled to make additional cuts to compensate for previous overproduction, which, in theory, limits the impact of the increases.