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OPEC+ lags behind output plan by 2.77 mln bpd in June, executes deal by 314% — IEA

OPEC+ countries have been reducing oil production since May 2020 to stabilize the market, but as the plan was implemented, they started restoring it

MOSCOW, July 13. /TASS/. OPEC+ countries in June 2022 increased oil production by 420,000 barrels per day (bpd), but lagged behind the planned output targets by 2.77 mln bpd, according to the July report of the International Energy Agency (IEA).

The volume of oil production by the alliance members increased by 420,000 bpd compared to May - from 37.62 mln bpd to 38.04 mln bpd. At the same time, the target output level by OPEC+ countries for June reached 40.81 mln bpd. Thus, the figures lag behind the plan by 2.77 mln bpd.

OPEC+ countries have been reducing oil production since May 2020 to stabilize the market, but as the plan was implemented, they started restoring it. So, since August 2021, the countries have been increasing oil output by 400,000 bpd per month, the plan has been slightly updated since May - the growth rate of output increased to 432,000 bpd per month due to new baselines for some countries production levels. However, due to the lack of free capacities, the members of the alliance do not always reach the target levels. Thus, the OPEC+ deal to reduce oil output in June was once again overfulfilled - the level of agreement execution reached 314% against 261% a month earlier.

According to the IEA, Russia increased production by 480,000 bpd in June compared to May to 9.74 mln bpd, while Saudi Arabia increased production by 120,000 bpd to 10.62 mln bpd. In general, OPEC countries fulfilled the OPEC+ deal in June by 229%, non-OPEC countries - by 461%, the IEA reported.

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