Nigeria and other members of the Organisation of Petroleum Exporting Countries slashed their combined crude output in June to a three-decade low, according to an S&P Global Platts survey.
The alliance, known as OPEC+, delivered 106 per cent of its committed production cuts, according to Platts calculations, a rise from May’s 85 per cent. But as the global economy takes tentative steps to recovering from the coronavirus pandemic, driving increases in oil demand, some delegates have said they are expecting an easing of the quotas in August as scheduled, according to S&P Global Platts.
Saudi Arabia took its production down to 7.58 million bpd, according to the survey, its lowest since June 2002, as the OPEC kingpin mostly made good on its pledge to hold output to 1 million bpd below its 8.49 million bpd quota in June. The kingdom and its Gulf allies the UAE and Kuwait are not expected to maintain those extra cuts in July.
While that remains above its quota of 3.59 million bpd, the country has pledged to make up for its overproduction later this summer with extra cuts. Libya saw a slight uptick to 100,000 bpd, the survey found, but remained extremely volatile because of civil conflict.
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