MOSCOW, June 11. /TASS/. The OPEC+ countries participating in the agreement on the reduction of oil production increased their production by 320,000 barrels per day (bpd) in May 2021 to 40.39 mln bpd, according to the May report of the International Energy Agency (IEA). The text of the document was obtained by TASS.
This was mainly due to Saudi Arabia, which brought back the one mln barrels it voluntarily cut in February as part of OPEC+ agreement.
In May, Saudi Arabia increased oil production by 340,000 bpd, up to 8.48 mln bpd. But the kingdom is still above its target of cutting oil production by nearly 50%.
In May, Russia increased the reduction in oil production by another 20,000 bpd, to 9.52 mln bpd, fulfilling the terms of the agreement by 94%.
In May, 10 OPEC countries complied with the agreement by 124% of the plan, the non-OPEC countries — by 94%.
According to the agreement, in June, production of OPEC+ countries will grow by 0.7 mln bpd, and in July — by another 0.84 mln bpd. That means that, in July, the alliance’s overall reduction in oil production will amount to 5.8 mln bpd against 9.7 mln bpd in May last year.
In addition, according to the IEA, the largest oil producers in OPEC+, such as Saudi Arabia, the United Arab Emirates, and Russia — are already investing in expanding or maintaining production capacity. In OPEC countries alone, this figure will grow by 0.2 mln bpd, to 34.3 mln bpd in 2022. In total, the free effective capacities of the OPEC+ countries will increase to 50.55 mln bpd in 2022 against 50.37 mln bpd.