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The latest Reuters survey showed that the impact of the output boost by Saudi Arabia last week would be limited, as a cut in Iranian shipments due to the US sanctions offset higher output in Libya, Saudi Arabia and Angola.

Key Highlights:

“OPEC’s June agreement involved OPEC, Russia and other non-members returning to 100 percent compliance with oil output cuts that began in January 2017, after months of underproduction in Venezuela and elsewhere pushed adherence above 160 percent.

While Saudi Arabia has now almost fully reversed its pledged supply cut of 486,000 bpd, this has not fully offset losses in Iran and declining output in Venezuela and Angola.”