OPEC records lowest oil output in 11 months due to decline in Iraq and Russia

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OPEC records lowest oil output in 11 months due to decline in Iraq and Russia

The OPEC+ alliance, led by Iraq and Russia, saw a sharp drop in oil output during the month, reaching its lowest level in 11 months, according to the July edition of the Platts OPEC+ survey.

The Platts OPEC+ poll indicated that oil output was

decreased to 40.87 million barrels per day in June, a decrease of 130,000 barrels per day.

The partnership is almost entirely in compliance with the planned output quotas at the moment of this decrease.

In this context, Kazakhstan’s output climbed by 50,000 barrels per day to reach 1.54 million barrels per day, while Iraq’s production decreased by 60,000 barrels per day to reach 4.22 million barrels per day

However, one of the biggest non-OPEC producers, Russia, decreased its output in June to 9.1 million barrels per day, the lowest level since December 2020, by 140,000 barrels per day. Nevertheless, Russia continues to surpass its allotted daily quota of 8.98 million barrels.