Oil production from the Organisation of Petroleum Exporting Countries (OPEC) fell to a five year low in June, according to a survey by Reuters. The survey attributed the slump in production to lower production out of Iran and Venezuela due to US sanctions.
OPEC nations pumped a total of 29.6mn barrels per day (bpd) in June 2019, down 170,000bpd from the previous month, marking the lowest production rate since 2014, Reuters' survey revealed.
OPEC and its allies, collectively known as OPEC+, agreed at the start of July to extend output cuts through the year and into 2020. This will keep 1.2mbpd off the market. However, OPEC+ exceeded its targeted cuts in June, reaching 156% compliance, the survey found.