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Oil production from the Organization of Petroleum Exporting Countries (OPEC) fell to its lowest level in five years in June, according to a survey by Reuters. The investigation attributed declining production to lower production in Iran and Venezuela due to US sanctions.
OPEC countries pumped a total of 29.6 million barrels per day (bpd) in June 2019, down 170,000 bpd from the previous month, representing the lowest production rate since 2014, reveals the Reuters investigation.
The OPEC and its allies, collectively known as OPEC +, agreed in early July to extend production cuts throughout the year and into 2020. This will allow to maintain 1.2 Mb / d out of the market. However, OPEC + exceeded its reduction targets in June, reaching 156% compliance, the survey revealed.
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