Opec oil exports fell to 1.84 million b/d in June

 
OPEC cut its oil exports by 1.84 million barrels per day (BPD) in June from May levels as it reached an agreement with Russia and other Allies to cut production, The National reported July 5.
 
Opec exports averaged 17.2m b/d last month, according to a report on oil shipments. Saudi exports accounted for nearly half of the drop, falling by 979,000 b/d.
 
The Organization of The Petroleum Exporting Countries and its ally OPEC+ agreed to cut oil production by a record 9.7 million barrels a day, effective May 1, to offset a drop in prices and demand triggered by The crisis.
 
The cut shows that Opec is continuing to cut production amid the oil crisis and the epidemic crisis. Oil demand has fallen sharply as a result of the outbreak, leading to a price war between Russia and Saudi Arabia this year and a historic drop in oil prices.
 
Russia's agreement with Opec in April to cut output led to a sharp rally in May. Both companies are still struggling to maintain supply cuts.

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