Next month, OPEC's oil producers from the Persian Gulf will maintain output level within the target set in the supply cut deal. The current agreement expires at the end of June 2019.
This month, the oil production in Saudi Arabia, the world's largest oil exporter, will remain at the same level as in May 2019. Experts emphasize that its production in July will continue to comply with the obligations under the OPEC+ deal. According to the cartel, oil output of Saudi Arabia in May was 9.67 million barrels per day. Over the last few months, Riyadh has been pumping below its target of 10.3 million barrels per day, which does not exceed the limits imposed by OPEC.
According to analysts, the largest oil-producing states of the Persian Gulf intend to keep OPEC production cut plan further. They are likely to stick to this strategy until the end of 2019.
The OPEC members will have the next meeting in Vienna on July 1 to decide on their further production policy. The meeting with non-OPEC allies, including Russia, is scheduled for the next day.