OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies

Bank of America (BofA) Global Research has lifted its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure

Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, as it aims to improve its compliance with its output cut targets under the global deal with OPEC+

The plan to shut wells at the onshore portions of the Lagunillas and Bachaquero fields near Lake Maracaibo is due to a lack of available storage space as inventories mount due to a drop in exports

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts from July to September

Russian oil production, excluding gas condensate, fell to 8.59 million barrels per day in May, near country’s target under an OPEC+ pact, the energy ministry said

The Russian Energy Ministry stated supply has already dropped by 14 million to 15 million barrels per day thanks to the OPEC+ deal and output cuts in other countries. Moreover, the surplus stands at around 7-12 million bpd

Russia’s oil and gas condensate production fell to 9.42 million barrels per day during May 1 to 19 as a global deal on reducing output took effect

The report published by the IAE highlights that the oil output of the basins in Argentina grew 3.2% in March, compared to the same month last year, and accumulated a 3.7% increase in the last 12 months

OPEC+ meets next in early June to decide on its output policy. Under the deal, the exporting group is set to scale back the cuts to 7.7 million barrels per day from July until December