OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led by Russia, according to tanker-tracking company Petro-Logistics. However, the cartel still produced more than its collective quota. OPEC has reduced its collective oil production in June by 1.25 million barrels per day (bpd) compared to May, Petro-Logistics told Reuters in an email. In May, OPEC’s crude oil production stood at 24.19 million bpd , down by 6.3 million bpd from April, as per OPEC’s secondary sources in the latest Monthly Oil Market Report (MOMR). Saudi Arabia slashed in May its production to the required 8.5 million bpd quota. The key Saudi partners in the Gulf, Kuwait and the United Arab Emirates (UAE), also cut production to the required levels, whereas Iraq, while cutting production by 340,000 bpd to 4.165 […]