OPEC production fell 120,000 barrels per day in June to 28.6 million barrels per day, according to a Bloomberg survey. Earlier, Reuters' survey estimated at 100,000 bpd decline.

OPEC was supposed to increase production in the month but instead it declined. Saudis missed their quota by 213k bpd.

There's a good chance that by announcing further production hikes, OPEC simply embarrasses itself.

Here are the numbers:

OPEC tables

Or forget the numbers and enjoy the meme:

OPEC meme