Production in OPEC declines for the seventh consecutive month amid the news that the group and its allies will continue limiting yields at least by the end of the year.

Summarizing the positions of officials and ship supply vessels data, the production across the group amounted to 30 million barrels per day.

The yield in June is 130,000 barrels per day less than in May, bringing the overall contraction to 2.5 million barrels per day since the cartel and its allies negotiated a new round of decreases last year. So the price of oil manages to keep at a level of about 65 USD per barrel, which is why fears that global demand is weakening.

Saudi Arabia’s mining drops by 100,000 barrels per day to 9.73 million barrels. Saudi Arabia is the most enthusiastic participant in the downgrade agreement. On average, the country shrunk its production by 721,000 barrels per day in the first half of the year compared to the base value in October – more than half the promised decrease.

At the same time, Iran’s production also declines by 100,000 barrels per day to 2.28 million against the backdrop of tightened US sanctions against the Islamic Republic.

Exports continue to decline, adding pressure to stockpiling in the country and leading to further closures on production facilities.

At the same time, production in Nigeria grew by 30,000 barrels per day to 1.89 million, again exceeding the limit set in the OPEC deal. The West African state intends to ask the other members of the cartel to increase its production cap for the forthcoming OPEC+ meeting in Vienna.