Daily News: Opec production fell 1.25 million b/d in June from May
Pub Date:Jul 02,2020 | Views:402 |
Opec production fell 1.25 million b/d in June from May
Dow Jones, June 29, 2020 - Opec's oil output fell 1.25 million b/d in June from May as it strictly adhered to the Opec + agreement to cut output, according to tanker data tracker Petro-Logistics.
Opec and other production reduction Allies such as Russia reached an agreement in April to reduce production by 9.7 million BPD in May and June, as oil market prices and demand were hit hard by the novel Coronavirus outbreak.
Iran, Libya and Venezuela did not take part in the cut, and the remaining 10 Opec members are all required to implement the agreement.
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