OPEC+ June oil output falls 7.111 mln bpd below plan, including voluntary cuts

MOSCOW, July 13. /TASS/. OPEC+ countries participating in the oil output reduction deal increased their oil production by 1.18 million barrels per day (bpd) in June 2026, falling 7.111 million bpd short of the plan, taking into account voluntary cuts and compensations, as follows from data presented in the report of the Organization of the Petroleum Exporting Countries (OPEC).

Excluding Libya, Iran, and Venezuela, which are exempt from the deal, as well as the UAE, which withdrew from OPEC and OPEC+ on May 1, the alliance's production volume stood at 27.633 million bpd.

Taking into account all voluntary restrictions and compensation schedules planned for June, the OPEC+ countries were expected to produce 34.744 million bpd. Thus, the alliance's oil production in June was 7.111 million bpd below the plan.

This figure does not include production by the UAE, which withdrew from OPEC and OPEC+ on May 1.

Among the seven leading OPEC+ countries, Russia fell 834,000 bpd short of its June quota, Iraq was 2.382 million bpd short, Saudi Arabia was 3.444 million bpd short, and Kuwait was 1.176 million bpd short, while Algeria nearly met its quota, falling just 2,000 bpd short. The quota shortfalls of several Middle Eastern states are linked to the conflict in the region. Meanwhile, production was above the plan in Kazakhstan — by 1.152 million bpd (despite a slight decline in June) — and in Oman — by 126,000 bpd.

Among OPEC countries not participating in the OPEC+ restrictions, Libya's oil production increased by 22,000 bpd in June, to 1.325 million bpd, while Iran's output rose by 155,000 bpd, to 2.441 million bpd, amid an improving situation in the Middle East. Venezuela, however, slightly reduced its production by 1,000 bpd, to 1.07 million bpd. Meanwhile, the UAE, which recently left OPEC and OPEC+, sharply increased its oil production in June by 1.642 million bpd, to 3.809 million bpd.