According to a survey by Reuters
- OPEC output in June rises by 740k bpd to 26.24 million bpd
- Compliance with OPEC+ seen at 115%
This isn’t so much so a surprise as they are pumping more amid improving demand conditions, with output having risen in every month sine June 2020 (besides February).
Of note, Saudi Arabia is surveyed to post the largest output gain this month but even so, the group is still pumping less than what is proposed by the latest accord – as seen with the compliance levels; though it did drop from 122% in May.
Oil is keeping steadier today, up 1% to $73.72 ahead of the OPEC+ meeting tomorrow where the bloc is likely to play it safe and announce a 500k bpd increase in output. Risks are to the upside (in terms of output) on the announcement so just be wary.