WTI and Brent rose nearly 3% during today’s session after preliminary OPEC production data showed that production fell by around 100k. barrels per day compared to May, to the level of 28.52 million barrels per day. Compliance with the OPEC + production limitation agreement for June currently stands at 253%, which is an increase from 178%. This means that it was not possible to increase production by approx. 400k barrels per day as expected.
Production increased in Saudi Arabia and smaller producers, but decreased significantly in Libya and Nigeria. Today's data shows that even if Saudi Arabia or the UAE are willing to increase production, achieving the goals of the entire cartel can be problematic.
OIL.WTI price returned to the 50.0 retracement of the last upward impulse. Source: xStation5
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