Nigeria's foremost Online Energy News Platform

Petro-Logistics: OPEC cut oil production by 1.25 million barrels per day in June

Estimates from the Petro-Logistics company to track tankers, concluded that OPEC cut oil production in June, by 1.25 million barrels per day from May levels, as part of the implementation of the agreement to reduce production in the OPEC + bloc, to reduce supplies.

As part of what is known as the OPEC + group, OPEC and its allies agreed to cut supplies by an unprecedented amount of 9.7 million barrels per day, starting from May 1, to compensate for the drop in oil prices and demand, due to the Corona virus crisis. OPEC’s share of the reduction is 6.084 million barrels per day.

“With the exception of Iran, Libya and Venezuela – countries that are not covered by the reduction agreement – supplies from the other ten OPEC countries are still around 1.55 million barrels per day away from the level of full commitment,” Petro-Logistics said, according to Reuters.

She added: “Iraq, Nigeria and Kuwait are the largest countries to reduce their supplies since May, with the size of the cuts of Saudi Arabia, the Emirates and Angola.”

Saudi Arabia had volunteered to cut one million barrels per day, above the level it was set to cut, which it recently canceled, which indicates the shrinking volume of cuts in the world’s largest oil exporter.