The situation with OPEC's production limits becomes even more bizarre

Do you remember that the OPEC countries agreed to extend their production restrictions by the end of the first quarter of 2018? And instead of jumping, the price of oil starts with their sharp depreciation...
Apparently, market participants still had concerns that OPEC countries would not be able to meet the accepted restrictions. And they were right. It became clear that in May the cartel actually increased its production.
The situation becomes even more bizarre in June. OPEC production again exceeds production constraints, pointing to the worst coordination between countries over a long period of time.
According to data from the International Energy Agency, world production rose by 720,000 barrels per day in June. Saudi Arabia, the largest producer within OPEC, produced more oil in June, a month earlier.
More oil has also produced by countries that are not officially involved in OPEC, such as Nigeria and Libya.
A total of 21 OPEC members reached an agreement at the end of last year, which aimed to cut production by 1.8 million barrels. The purpose of production cuts was to raise the price of oil. Low raw material prices have largely become a reality as a result of the rising production coming from the United States.
But, there is still good news about oil. MEA forecasts an increase in oil consumption of 1.5 million barrels per day in the second quarter, compared to one million barrels in the first three months of the year.