OPEC+ countries increased oil output by 70,000 bpd in June
The countries participating in the OPEC+ agreement increased oil production by 70,000 barrels per day (bpd) in June to 37.03 mln bpd, according to the July report of the International Energy Agency (IEA), News.Az reports citing TASS.
The largest oil producers among the countries of the alliance, Russia and Saudi Arabia, kept production at the level of May - 9.45 mln bpd and 9.98 mln bpd, respectively.
The target level of production by OPEC+ countries under the deal for June was 39.57 mln bpd, while the actual production amounted to 37.03 mln bpd. Thus, lagging behind the plan reached 2.55 mln bpd.
However, the parameters of the OPEC+ deal do not take into account voluntary production cuts, which a number of OPEC+ countries, including Russia, will adhere to until the end of 2024. The total reduction volume reaches 1.66 mln bpd.