MOSCOW, June 14. /TASS/. OPEC+ countries, after the start of voluntary cuts in oil production by a number of alliance countries, reduced production by 750,000 barrels per day (bpd) to 36.86 mln bpd, according to the report of the International Energy Agency (IEA).

On April 2, a number of OPEC+ countries announced voluntary cuts in oil production from May to the end of 2023. At the alliance meeting on June 4, the decision was extended until the end of 2024. The total reduction, including the share of Russia, is 1.66 mln bpd.

Saudi Arabia reduced production in May by the declared 500,000 bpd to 9.98 mln bpd, according to the IEA. Russia reduced production in May compared to April by 150,000 bpd to 9.45 mln bpd. At the same time, Russia has voluntarily reduced production by 500,000 bpd since March. According to TASS estimations, based on IEA data, Russia's total cuts amounted to 420,000 bpd over the three months.

The target level of production by OPEC+ countries under the deal for May was 40.1 mln bpd, while the actual production reached 36.86 mln bpd.

The IEA noted that global supply of oil in May 2023 declined by 660,000 bpd due to the start of voluntary cuts in oil production by some OPEC+ members. While oil demand continues to rise both seasonally and structurally for the rest of the year, supply is expected to rise only temporarily, the statement said. Global oil production fell by 660,000 barrels per day in May to 100.6 mln bpd.