Iran Press/Middle East: OPEC oil output sank to a new five-year low in June as a rise in Saudi supply did not offset losses in Iran and Venezuela and other outages elsewhere in the group.
The 14-member Organisation of the Petroleum Exporting Countries pumped 29.60 million barrels per day (bpd) last month, the survey showed, down 170,000 bpd from May’s revised figure and the lowest OPEC total since 2014.
The Reuters survey suggests that even though Saudi Arabia is raising output following pressure from US President Donald Trump to bring down prices, the kingdom is still voluntarily pumping less than an OPEC-led supply deal allows it to.
OPEC renewed the supply pact at meetings this week.
Members of the Organisation of the Petroleum Exporting Countries (OPEC) have agreed to extend cuts to their supply of oil to the international markets for another nine months as they seek more stable prices amid an increase in oil production in the United States and tensions created in the market. 101/211
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