All OPEC data below is from the July 2020 OPEC Monthly Oil Market Report . All OPEC data is through June 2020 and is in thousand barrels per day. All copied and pasted texts are in italics. OPEC cut further in June, down almost 1.2 million barrels per day. They are down about 6.8 million barrels per day since November 2019. All OPEC major producers cut production in June. The tiny producers didn’t seem to bother. Algeria has cut about 200 Kb/d over the last two months. It’s hard to tell whether Angola is cutting or just declining further. Nothing much is happening, oil-wise, in the Republic of the Congo. Ditto for Equatorial Guinea. Ditto again for Gabon. Iran is still suffering under sanctions. They say all their storage is now full and has been for some time. They now have a lot of wells shut down. It will […]