OPEC’s Oil Production Drops As Cartel Undershoots Target Again

OPEC’s crude oil production fell in June compared to May, due to outages in Libya and Nigeria, and the 10 cartel producers bound by the OPEC+ pact lifted their combined production by just 20,000 barrels per day (bpd) last month, the monthly Reuters survey showed on Friday. OPEC’s all 13 members—including Libya, Iran, and Venezuela that are exempted from the pact—saw their collective production drop by 100,000 bpd month over month in June, to 28.52 million bpd, according to the survey. Under the OPEC+ pact, OPEC-10 targeted…