This completes the phased rollback of a 1.65 million bpd supply cut originally agreed in 2023, when the group still included the United Arab Emirates, which left the Organisation of the Petroleum Exporting Countries in May.<\/p>\n
For the moment it matters little what the production quotas are, with the latest data from a Reuters survey showing the eight members of OPEC with quotas pumped 20.276 million bpd in June, which was 6.246 million bpd below the agreed target.<\/p>\n
Russia, the main non-OPEC member of the wider OPEC+ group, had production of 8.928 million bpd in June, according to OPEC data, which was almost one million bpd below its agreed quota.<\/p>\n
While OPEC+’s decision to wind back voluntary production cuts carries little weight in the current market, it does highlight the challenges facing oil exporters and importers.<\/p>\n","protected":false},"excerpt":{"rendered":"This completes the phased rollback of a 1.65 million bpd supply cut originally agreed in 2023, when the…\n","protected":false},"author":2,"featured_media":155469,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[26],"tags":[11215,34,94,35,1738,1737,31317,39,50,101,272,51],"class_list":["post-234058","post","type-post","status-publish","format-standard","has-post-thumbnail","category-persian-gulf","tag-bab-el-mandeb-strait","tag-iran","tag-iraq","tag-kuwait","tag-mena","tag-north-america","tag-opec-plus","tag-persian-gulf","tag-saudi-arabia","tag-strait-of-hormuz","tag-united-arab-emirates","tag-united-states"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117031895350247635","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/234058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=234058"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/234058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/155469"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=234058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=234058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=234058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}