OPEC’s oil production saw a modest rise in June, driven primarily by Saudi Arabia, following a collective decision by OPEC+ to ease production cuts. The group, which includes OPEC members and allies like Russia, is gradually increasing output, though some members are still required to make extra reductions to offset previous overproduction.
According to a recent survey, OPEC pumped 27.02 million barrels per day in June, a 270,000 bpd increase from the previous month. Saudi Arabia led these gains with an additional 200,000 bpd, but its production remains below its set target. The United Arab Emirates also boosted output by 100,000 bpd, yet continued to fall short of its quota. Meanwhile, Iraq reduced its output to improve compliance with group agreements.
Discrepancies persist in reported figures, as external sources often estimate higher production levels for Iraq and the UAE compared to official data. The survey incorporates information from industry tracking firms and market sources to provide a comprehensive view of actual supply.
While OPEC+ moves forward with its plan to unwind some production limits, the impact is tempered by required compensation cuts from certain members, keeping the overall increase in check.