MOSCOW, July 12. /TASS/. OPEC countries in June 2022 increased oil production by 234,000 barrels per day (bpd) up to 28.716 million bpd, according to the July OPEC report.
At the same time, ten OPEC countries (all except Iran, Libya and Venezuela) involved in the OPEC+ agreement increased oil production in June by 267,000 bpd up to 24.807 mln bpd.
However, these volumes turned out to be less than the growth rates set for June under the OPEC+ deal. That means that in June the countries of the Vienna Agreement could increase production by 432,000 bpd, of which 10 OPEC countries account for about 277,000 bpd.
In May, the OPEC countries fulfilled the terms of the OPEC+ deal in May by 229% of the plan against 196% a month earlier (then the OPEC countries increased production by 76,000 bpd, up to 24.54 million bpd.
According to the report, in June, oil production in Saudi Arabia (the largest oil producer in OPEC) amounted to 10.585 million bpd (an increase of 158,000 bpd compared to May) instead of the possible 10.663 million bpd according to the schedule.
The UAE increased production by 39,000 bpd to 3.083 million bpd, slightly above the allowed level (3.075 million bpd).
In June, Iraq increased production by 17,000 bpd to 4.434 million bpd, but fell short of the terms of the OPEC+ deal (permitted production level is 4.509 million bpd).
Ten of the 13 members of the OPEC are participating in the OPEC+ agreement to cut oil production, while Iran, Libya and Venezuela are freed from production restrictions. In June, oil production in Venezuela fell by 14,000 bpd to 706,000 bpd, and in Libya by 78,000 bpd to 629,000 bpd amid ongoing protests in the country. Iran increased production by 31,000 bpd to 2.574 million bpd.