According to today’s oil price report on July 3, energy data provider KPLER reported that OPEC crude oil exports increased 761,000 barrels/day last month from May to 23.7 million barrels/day. In May, OPEC’s oil production fell below 22 million barrels a day.
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The increase was attributed to strong exports from Saudi Arabia, the United Arab Emirates and Iraq, which increased exports by about 135,000 barrels a day in June. Iraqi exports increased by 100,000 barrels a day last month, but the United Arab Emirates saw the largest increase in crude oil exports, exceeding 400,000 barrels a day.
In June, Iranian exports fell sharply again, from 469,000 barrels a day to only 515,000 barrels a day.
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Although Venezuela and Libya increased shipments in June. Venezuela’s exports increased from 883,000 barrels a day in May to 968,000 barrels a day in June, and Libya’s exports in June were 1.1 million barrels a day, up from 974,000 barrels a day in May.
Cartel exports were 3.577 million barrels a day lower than in June last year due to the double effects of OPEC+cut-off agreement and voluntary cuts by Venezuela and Iran due to sanctions.
Earlier this week, OPEC and its external partners agreed to extend the cuts to the end of March 2020. The total reduction is 1.2 million barrels per day, of which 800,000 barrels per day will be cut by OPEC member countries, while the rest will be cut by Russia, Kazakhstan and several smaller non-OPEC producers. OPEC’s compliance targets exceeded 100% and reached 168% in the first half, mainly due to the inevitable decline in production in Venezuela and Iran.
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Usually, this will push up prices. However, as concerns about global economic growth and oil demand deepened and markets ignored OPEC’s news, Brent crude oil and WTI crude oil prices both fell immediately after OPEC announced a delay in production cuts.