According to a recent survey by Reuters, OPECs oil output experienced a modest decline in June, with Iraq and Nigeria raising their production levels, offsetting the cutbacks made by other member countries
Despite the broader OPEC+ deal and voluntary reductions undertaken by some nations to stabilise the market, the overall output remained relatively stable.
The survey revealed that OPEC pumped an average of 28.18 million barrels per day (bpd) this month, indicating a marginal reduction of 50,000 bpd compared to May's revised figure. However, it also indicated limited progress by OPEC in curtailing supply ahead of Saudi Arabia's additional voluntary reduction set to take effect in July. This additional reduction was part of the producers' recent agreement in June, aimed at bolstering market support.
The purpose of the Reuters survey is to monitor and assess supply levels in the market accurately. It draws upon various sources, including shipping data from external sources, Refinitiv Eikon flows data, insights from flow tracking companies such as Petro-Logistics and Kpler, as well as information provided by sources within oil companies, OPEC, and consultants.
The survey's findings shed light on the delicate balance between production increases and cuts within OPEC, emphasising the complexities involved in stabilising the oil market in the face of global demand fluctuations and evolving geopolitical factors.
