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OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics

OPEC has cut oil output in June as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics

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OPEC | OPEC output cut | Russia

Reuters  |  LONDON 

India stands to lose 3,00,000 bpd of crude oil supply from Iran, and 4,00,000 bpd from Venezuela
OPEC+ agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis

LONDON (Reuters) - has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with and other allies, according to estimates from tanker-tracking company Petro-Logistics.

and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis. OPEC's share of the cut is 6.084 million bpd.

"Excluding Iran, Libya and Venezuela, which are not part of the curtailment agreement, OPEC-10 supply remains about 1.55 million bpd away from full compliance," Petro-Logistics said in an email.

"Iraq, Nigeria and Kuwait are the main countries that have lowered their supply since May, with more limited cuts by Saudi Arabia, the UAE and Angola."

 

(Reporting by Alex Lawler; Editing by David Goodman)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, June 29 2020. 18:12 IST
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