OPEC+ countries cut oil output by 40,000 bpd in May, missed targets — IEA

MOSCOW, June 17. /TASS/. OPEC+ countries participating in the oil production restraint agreement reduced output by 40,000 barrels per day (bpd) in May 2026 and fell significantly short of planned production targets, according to a report by the International Energy Agency (IEA).

According to the IEA, the target production level for OPEC+ countries voluntarily limiting oil output stood at 33.7 mln bpd in May, while actual production amounted to 24.26 mln bpd. As a result, production was approximately 9.44 mln bpd below the target level.

In May, according to the IEA, Kazakhstan was the only major OPEC+ country producing above its target, exceeding it by 360,000 bpd.

At the same time, Iraq's production was 2.85 mln bpd below target, Saudi Arabia's was 3.64 mln bpd below target, Russia's was 960,000 bpd below target, Kuwait's was 1.97 mln bpd below target, and Algeria's was 20,000 bpd below target, while Oman met its quota.

Total oil production by all OPEC+ countries declined to 30.3 mln bpd in May.