Slight Decrease in OPEC Production Ahead of Saudi Cuts

A Reuters survey concluded today that "oil production from OPEC countries decreased slightly in June, as increases from Iraq and Nigeria limited the impact of cuts announced by other producers, despite the broader OPEC+ agreement and voluntary reductions implemented by several members of the group to support the market." The survey found that "the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.18 million barrels per day this month, down just 50,000 barrels per day from the revised figure in May. The survey indicates a slight advance by OPEC in limiting supplies ahead of the additional voluntary cut by Saudi Arabia, which will take effect in July, as part of the latest agreement reached by producers in June to support the market."