The Organization of the Petroleum Exporting Countries (OPEC) output fell to a new five-year low in June, according to a Reuters survey.

An increase in Saudi crude production did not offset the reduction in Iran and Venezuela’s output due to US sanctions.

OPEC produced 29.6 million per day (b/d) in June, down by 170,000 b/d compared with May, recording the lowest level of OPEC’s production since April 2014.

Saudi Arabia produced 9.782 million b/d in June, up from 9.67 million b/d in May, which remains below Saudi Arabia’s 10.3 million b/d quota under the OPEC-led production cut agreement.

It should be noted that OPEC recently reached an agreement with its allies to extend the output cut agreement by 1.2 million b/d until the end of March 2020.