Saudi Arabia, OPEC's most notable and powerful member, reportedly increased its oil production in June from 9.88 million barrels in May to 10.07 million barrels, a separate Bloomberg report noted. This would imply the country is not abiding by the agreement, which calls on the country to lower its production by 486,000 barrels a day.
"Each month something seems to come along to raise doubts about the pace of the rebalancing process. This month, there are two hitches: a dramatic recovery in oil production from Libya and Nigeria and a lower rate of compliance by OPEC with its own output agreement," the Paris-based IEA said.
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
To add Benzinga News as your preferred source on Google, click here.
