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OPEC+ countries increase oil output by 0.5 mln bpd in June

Saudi Arabia in June increased oil production to 8.92 mln bpd from 8.54 mln bpd in May, but the kingdom is still overfulfilling its target of a 26% cut in oil production

© AP Photo/Hasan Jamali

MOSCOW, July 13. /TASS/. The OPEC+ countries participating in the agreement on oil output cuts in June 2021 increased production by 500,000 barrels per day (bpd) to 40.9 mln bpd, mainly due to Saudi Arabia, which within OPEC+ agreements returns 1 mln barrels voluntarily reduced in February, according to the report of the International Energy Agency (IEA).

Thus, Saudi Arabia in June increased oil production to 8.92 mln bpd from 8.54 mln bpd in May. But the kingdom is still overfulfilling its target of a 26% cut in oil production. Russia produced 9.52 mln bpd in June (9.53 mln bpd in May), having fulfilled the terms of the agreement by 96%.

Ten OPEC countries in June fulfilled the agreement by 123% of the plan, the non-OPEC countries - by 97%. Countries participating in the OPEC+ agreement met their targets for a 114% cut in June.

The IEA noted that Saudi Arabia increased oil production in June by 380,000 barrels per day compared to May 2021 and by 1.37 mln barrels per day compared to last year. At the same time, the report noted that consumption of oil within the country has increased.

In July, Saudi Arabia, according to the IEA, may increase oil production by 580,000 barrels per day in accordance with the OPEC+ agreement and recovery of production after a voluntary cut.

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