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[size=36]For the third month in a row, OPEC oil production remains stable[/size]
Economy | 12:39 - 02/07/2024
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Follow-up - Mawazine News
OPEC crude oil production remained steady for the third month in a row, as Iraq and the UAE did not fully implement the cuts, according to a Bloomberg survey.
The Organization of the Petroleum Exporting Countries produced an average of 26.98 million barrels per day in June, or 80,000 barrels per day less than the previous month, with small cuts in Iraq and Nigeria leading to the decline.
The survey showed that Iraq and the UAE did not fully implement the cuts agreed at the beginning of the year with other members of the organization. Baghdad was also unable to implement the additional production cuts it pledged to compensate for previous high production levels.
To push the price of crude higher, the alliance may need to fully implement the cuts it pledged, but efforts to improve implementation have shown limited results.
In June, Iraq cut its production by 30,000 bpd to 4.25 million bpd, and the drop in exports has brought the country closer to its quota, but its production is still about 250,000 bpd above its quota, even before taking into account the absence of additional “compensatory cuts.”
OPEC crude oil production remained steady for the third month in a row, as Iraq and the UAE did not fully implement the cuts, according to a Bloomberg survey.
The Organization of the Petroleum Exporting Countries produced an average of 26.98 million barrels per day in June, or 80,000 barrels per day less than the previous month, with small cuts in Iraq and Nigeria leading to the decline.
The survey showed that Iraq and the UAE did not fully implement the cuts agreed at the beginning of the year with other members of the organization. Baghdad was also unable to implement the additional production cuts it pledged to compensate for previous high production levels.
To push the price of crude higher, the alliance may need to fully implement the cuts it pledged, but efforts to improve implementation have shown limited results.
In June, Iraq cut its production by 30,000 bpd to 4.25 million bpd, and the drop in exports has brought the country closer to its quota, but its production is still about 250,000 bpd above its quota, even before taking into account the absence of additional “compensatory cuts.”
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