OPEC+ Data Deck (July 2024)

Participating group-wide crude output fell in June to the lowest level in three years as Russia continued to transition from export-based to production-based cuts.

Jul 10, 2024

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Quota-participating OPEC+ crude production fell another 202 kbpd m/m to 33.84 MMbpd in June or its lowest level since mid-2021.
Group-wide compliance improved as production finally came back in line with the aggregate production target but was driven by deeper underproduction across the producer group that could offset continued overproduction across Iraq, Russia, and Kazakhstan.

[Further analysis and full OPEC+ Data Deck PDF report below paywall]

Commodity Context

OPEC+ Data Deck (July 2024)

Participating group-wide crude output fell in June to the lowest level in three years as Russia continued to transition from export-based to production-based cuts.

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