OPEC’s oil production in June came in at the lowest level since May 1991 during the Gulf War, and collectively meeting its promised cut. For June, OPEC cut its production to 22.69 million bpd , according to a Bloomberg survey using data compiled by Kpler, Rystad Energy, Rapidan Energy Group, and JBC Energy GmbH. Saudi Arabia met its promised cut, holding production to 7.53 million bpd. Saudi Arabia also met its additional voluntary reduction that phases out in July. While Kuwait and the UAE also met their promised cuts, they did not meet all of their voluntary cuts like Saudi Arabia did. To no one’s surprise, Angola, Iraq, and Nigeria did not meet their promised cuts. Of the three, Angola was the most compliant at 83% of its pledged cuts in June, while Nigeria hit 77%. Iraq, the biggest laggard of the group during this cut and in previous […]