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Kuwait cuts oil output in June

Kuwait cuts oil output in June
Eight countries reduced their oil production

Mubasher: The oil output of Kuwait declined by 20,000 barrels per day (bpd) to 2.69 million bpd in June, according to the OPEC monthly report. 

Last month, a group of eight countries reduced their oil production, led by Iran, whose oil output went down 142,000 bpd last month, followed by Libya, Angola, and Iraq, which decreased their production by 58,000 bpd, 57,000 bpd, and 27,000 bpd, respectively.

On the other hand, Nigeria and Saudi Arabia increased their production 129,000 bpd and 126,000 bpd in June, respectively.

Oil output from member states of the Organization of the Petroleum Exporting Countries (OPEC) dropped last June as US sanctions against Iran helped tighten supply.

OPEC crude output fell by 68,000 barrels per day (bpd) to 29.83 million bpd, the producer club said in its closely watched monthly oil market report (OMR), citing independent sources.