OPEC countries increased oil production in June by 30 thousand barrels per day – Kommersant
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OPEC countries that joined the OPEC+ deal increased oil production by 30,000 bpd in June to 23.512 million bpd. This is 1.904 million b/d below the level stipulated by the agreement on voluntary production cuts – the reduction was allowed up to 25.416 million b/d, follows from report OPEC.
10 out of 13 members of the OPEC + have joined the OPEC + agreement on voluntary reductions – Iran, Libya and Venezuela are exempt from restrictions. According to the report, in June oil production in Iran increased by 56,000 bpd to 2.754 million bpd, in Venezuela by 23,000 bpd to 767 bpd, and in Libya, production decreased by 13,000 bpd. b/s, up to 1.156 mln b/s. In general, 13 OPEC countries increased oil production by 91 thousand b/d, up to 28.189 million b/d.
In the fall of 2022, OPEC+ members decided to cut production by 2 million bpd. In April, several OPEC countries announced on a voluntary additional production cut before the end of the year.
We are talking about a reduction of 1 million barrels per day from May until the end of the year, while Russia will extend for the same period the reduction in production by 500,000 barrels per day already begun in March. From 2024 OPEC+ will correct total oil production to 40.46 million b/d.
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