OPEC+ Is Still Producing Too Much Oil

OPEC further restricted its oil production in June compared to May as it aims to withhold a record volume of supply from the market together with its non-OPEC allies led by Russia, according to tanker-tracking company Petro-Logistics. However, the cartel still produced more than its collective quota. OPEC has reduced its collective oil production in June by 1.25 million barrels per day (bpd) compared to May, Petro-Logistics told Reuters in an email. In May, OPEC’s crude oil production stood at 24.19 million bpd, down by 6.3…