June 29, 2020 / 12:21 PM / 3 days ago

OPEC has cut oil output by 1.25 mbpd in June, says Petro-Logistics

FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.

OPEC and its allies, a group known as OPEC+, agreed to cut supply by a record 9.7 million bpd from May 1 to offset an oil price and demand slump triggered by the coronavirus crisis. OPEC’s share of the cut is 6.084 million bpd.

“Excluding Iran, Libya and Venezuela, which are not part of the curtailment agreement, OPEC-10 supply remains about 1.55 million bpd away from full compliance,” Petro-Logistics said in an email.

“Iraq, Nigeria and Kuwait are the main countries that have lowered their supply since May, with more limited cuts by Saudi Arabia, the UAE and Angola.”

Reporting by Alex Lawler; Editing by David Goodman

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