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OPEC continues oil export cuts in June

Global oil prices continue to hold up relative to earlier in the year as oil-producing countries in the Middle East struggle economically.
Employees of Aramco oil company work in Saudi Arabia's Abqaiq oil processing plant on September 20, 2019. - Saudi Arabia said on September 17 its oil output will return to normal by the end of September, seeking to soothe rattled energy markets after attacks on two instillations that slashed its production by half. The strikes on Abqaiq - the world's largest oil processing facility - and the Khurais oil field in eastern Saudi Arabia roiled energy markets and revived fears of a conflict in the tinderbox Gulf

The world’s major oil producers, including Gulf nations, continued export cuts last month.

In June, the Organization of the Petroleum Exporting Countries (OPEC) cut oil exports by 1.84 million barrels per day compared with May, Reuters reported today. This follows the record 9.7 million barrels per day supply cuts in May. OPEC’s exports averaged 17.2 million barrels per day in June. Production was also down by 1.92 million barrels per day during the month, according to the outlet.

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