OPEC’s oil production dropped by another 68,000 bpd to 29.83 million bpd in June, as output from Iran and Libya—exempt from the production cut pact—and other members offset large increases in Saudi Arabia and Nigeria. According to secondary sources in OPEC’s closely watched Monthly Oil Market Report published on Thursday, the cartel’s output hit a new low in recent years and was at the lowest in five years in June, just ahead of OPEC and its allies rolling over the production cuts into March 2020. OPEC’s official figures are very close to last week’s Reuters survey, which showed that OPEC pumped 29.60 million bpd in June, the lowest monthly output since April 2014 . Last month, the largest drop in production was registered in Iran, whose crude oil production fell by 142,000 bpd to 2.225 million bpd, due to the U.S. sanctions on its industry. Iran’s production is now […]