OPEC Ramped Up Oil Production In June By 0.6Mbd,Oil Cuts Compliance Reached 120% - Report

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OPEC Ramped Up Oil Production in June by 0.6Mbd,Oil Cuts Compliance Reached 120% - Report

MOSCOW (UrduPoint News / Sputnik - 15th July, 2021) The compliance of the OPEC member states with the oil cuts last month decreased by 5 percentage points (pp) to 120% as their oil production rose by 0.6 million barrels a day (mbd), according to a new OPEC report released on Thursday.

"Total OPEC-13 crude oil production averaged 26.

03 mb/d in June 2021,higher by 0.59 mb/d m-o-m. Crude oil output increased mainly in Saudi Arabia, UAE, Angola, IR Iran and Kuwait, while production decreased primarily in Iraq, Nigeria and Gabon," OPEC said in new monthly oil market report citing secondary sources.

Among the OPEC members, Angola complied by 180%, Nigeria - by 156% and Saudi Arabia by 127%, the figures from the report indicated.