Opec+ adds 610,000 b/d as Riyadh unwinds cut

摘要

The Opec+ group's crude production rose by over 600,000 b/d last month as quotas increased and Saudi Arabia further unwound its additional cut. Argus estimates that Opec members, including those not participating in the supply restraint pact, added 560,000 b/d to the market in June, with Riyadh accounting for the lion's share. Saudi Arabia brought back another 350,000 b/d of the extra 1mn b/d cut that it implemented in February-April. It plans to restore the remaining 400,000 b/d this month.