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July 5, 2020

OPEC cuts June oil exports by 1.84 million bpd

Business

 
July 5, 2020

Monitoring Desk

LONDON: OPEC cut oil exports in June by 1.84 million barrels per day (bpd) from May levels as it works to implement an output reduction agreement with Russia and other allies, according to estimates from Kpler, which tracks oil shipments.

OPEC's crude exports averaged 17.2 million bpd last month, Kpler said in an emailed report. Saudi exports accounted for almost half of the month-on-month drop, falling by 979,000 bpd.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, agreed to cut oil production by a record 9.7 million bpd from May 1 to offset a price and demand slump triggered by the coronavirus crisis.

The cuts show that OPEC is continuing to tame its output amid the oil and COVID-19 crises. A huge drop in demand for oil because of the coronavirus pandemic led to a price war this year between Russia and Saudi Arabia and historic drops in oil prices.

In April, Russia, which is not part of OPEC, reached a deal with the organization to cut production, leading to prices bouncing back significantly in May. The two are still working to maintain supply cuts.