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OPEC+ countries exceed voluntary oil cuts plan by 580,000 bpd in June

According to the IEA, the UAE, Iraq and Russia are exceeding their production commitments the most

MOSCOW, July 11. /TASS/. OPEC+ countries reduced oil production by 50,000 barrels per day (bpd) to 34.43 mln bpd, but exceeded the plan, taking into account voluntary cuts, by 580,000 bpd in July, according to a June report by the International Energy Agency (IEA).

According to the IEA, the target level of production by OPEC+ countries under the deal, taking into account voluntary cuts, was 33.85 mln bpd in June, and actual production reached 34.43 mln bpd. Thus, the overrun was 580,000 bpd.

According to the IEA, the UAE (by 370,000 bpd), Iraq (by 260,000 bpd), and Russia (by 240,000 bpd) are exceeding their production commitments the most.

Starting in the Q1 of 2024, several OPEC+ countries, including Russia and Saudi Arabia, are voluntarily reducing oil production by a total of 2.2 mln bpd to balance the market. Initially, the measure was to apply only in the Q1, but it was then extended to the second and third quarters.

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

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