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OPEC+ countries cut oil production by 123,000 bpd in May — report

The largest production cut in April was registered in Russia

MOSCOW, June 11. /TASS/. The countries participating in the OPEC+ agreement reduced oil production by 123,000 barrels per day (bpd) in May to 40.922 mln bpd, according to the data presented in the June OPEC report.

Without Libya, Iran and Venezuela, which are exempt from production restrictions, the alliance countries' production volume amounted to 35.701 mln bpd. Taking into account all the voluntary production cuts in May, OPEC+ countries were supposed to produce 35.595 mln bpd.

The largest production cut in April was registered in Russia. The country cut its oil production by 119,000 bpd to 9.182 mln bpd.

From the first quarter of 2024, several alliance countries, including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 2.2 million barrels per day to balance the market. Initially, the measure was supposed to be valid only during the first quarter, but then it was extended to both the second and third quarters.

Besides that, a number of OPEC+ countries, also including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 1.66 million bpd from the spring of 2023 to the end of 2025.

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