MOSCOW, June 1. /TASS/. Eight OPEC+ countries that voluntarily cut oil production are expected to boost their oil output by 411,000 bpd in June, as in May, which is equivalent to a three-month plan to increase production.
Among the countries that have committed to voluntary adjustments to their production plans are Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman and Kuwait. Since the beginning of 2024, these countries have voluntarily reduced production by a total of 2.2 million bpd.
They have begun to gradually increase production since April. However, if in April the G8 adhered to the initially adopted plan and approved a surge in production by 138,000 bpd, then for May and June a decision was made to accelerate the increase in production in the amount of 411,000 bpd per month.
These agreements do not take into account the obligations of seven out of eight OPEC+ "volunteers" to compensate for the excess oil production allowed during the period of voluntary reductions. Only Algeria has fully implemented the entire plan for reducing production.
In June, within the framework of the compensation schedule, the volume of additional production reduction should amount to 431,000 bpd. According to TASS calculations, the real growth of OPEC+ production in June may amount to 359,000 bpd.