OPEC Remains 1 Million Bpd Below Target

The ten OPEC producers in the OPEC+ pact pumped 24.8 million barrels per day (bpd) of crude oil in June, OPEC data showed on Tuesday, with production falling 1 million bpd short of the target levels. All 13 OPEC members produced 28.716 million bpd in June, up by 234,000 bpd from May, according to secondary sources used by OPEC to track production in its Monthly Oil Market Report (MOMR). The 10 producers in the OPEC+ pact, however, produced 24.8 million bpd, which was 1 million bpd below OPEC’s own target of 25.864 million bpd for the ten…