OPEC crude oil production surges by 3mbpd in June

Crude oil production by members of the Organisation of the Petroleum Exporting Countries (OPEC) rebounded sharply in June after declining for several months, increasing by about 3.05 million barrels per day (mbpd) compared with the previous month.

According to OPEC’s latest Monthly Oil Market Report released on Monday, total output from the group’s members rose to about 22 million barrels per day in June.

The United Arab Emirates recorded the largest increase during the month, with production rising by 1.642 million barrels per day to approximately 3.81 million barrels per day.

Kuwait also recorded a significant increase, with output climbing by 880,000 barrels per day to 1.45 million barrels per day, while Iraq’s production increased by 446,000 barrels per day to 1.97 million barrels per day.

Production growth was also recorded in Iran, which added 155,000 barrels per day to reach 2.44 million barrels per day. Libya’s output increased by 22,000 barrels per day to 1.32 million barrels per day, while Gabon recorded a rise of 10,000 barrels per day to 224,000 barrels per day.

Algeria and Nigeria each recorded marginal increases of 5,000 barrels per day during the period.

However, Saudi Arabia recorded the largest decline among OPEC members, with output falling by 99,000 barrels per day to about 6.85 million barrels per day.

Production also declined in Equatorial Guinea and Congo, with both countries recording a reduction of 7,000 barrels per day. Equatorial Guinea’s output fell to 44,000 barrels per day, while Congo’s production dropped to 274,000 barrels per day. Venezuela also recorded a marginal decline of 1,000 barrels per day, bringing its output to 1.07 million barrels per day.

For the wider OPEC+ alliance, which includes OPEC members and participating non-OPEC producers, crude oil production increased by about 2.99 million barrels per day in June to average 36.28 million barrels per day.

Meanwhile, OPEC slightly adjusted its global oil demand projections, lowering its 2026 growth forecast while raising its outlook for 2027.

The group expects global oil demand to increase by 780,000 barrels per day in 2026 compared with 2025, bringing average demand to 105.94 million barrels per day.

Demand growth is expected to be driven mainly by non-OECD countries, where consumption is projected to rise by 740,000 barrels per day to 59.95 million barrels per day.

In OECD countries, oil demand is forecast to increase by 40,000 barrels per day to 45.99 million barrels per day.

Looking ahead to 2027, OPEC expects global oil demand growth to strengthen, with consumption projected to rise by 1.94 million barrels per day to an average of 107.88 million barrels per day.

The latest production figures come amid ongoing efforts by OPEC+ members to balance market supply, support price stability and respond to changing global energy demand conditions.

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