Seven OPEC+ Countries Decided to Increase Oil Production Quotas by 188 Thousand Barrels per Day in June
Seven OPEC+ countries decided to increase oil production quotas in June by 188 thousand barrels per day, according to an OPEC press release.
The next meeting of ministers of the seven countries is scheduled for June 7.
Thus, the total OPEC+ quota for June, taking into account compensations from Kazakhstan and Oman, which are subject to schedules for offsetting overproduction, will amount to 34.744 million barrels per day. This is 185 thousand barrels per day higher than the permitted production level for the entire alliance in April.
The leaders of the deal, Saudi Arabia and Russia, will be able to increase production next month by 62 thousand barrels per day — to 10.291 million barrels per day and 9.762 million barrels per day, respectively. Iraq has the right to increase production by 26 thousand barrels per day, to 4.352 million barrels per day, Kuwait — by 16 thousand barrels per day, to 2.628 million barrels per day, and Algeria — by 6 thousand barrels per day, to 989 thousand barrels per day. For countries that exceeded permitted production levels in previous periods, quota changes will be adjusted according to their compensation schedules. Thus, Kazakhstan will be able to increase production by 10 thousand barrels per day, to 720 thousand barrels per day, and Oman — by 1 thousand barrels per day, to 806 thousand barrels per day. Quotas for the “violators” are not final, as the OPEC secretariat updates their compensation schedules in the week following the meeting of the “seven,” which may lead to minor adjustments in the overall production plan.
However, while the Middle East conflict continues, production volumes in many Persian Gulf countries remain reduced.
In March, according to OPEC, member countries reduced production by 7.7 million barrels per day due to the Middle East conflict, as a result of which Iraq “reset” all undercut production since 2024, which it had been required to compensate for by July 2026.
At the same time, Kazakhstan in March, instead of reducing output, again increased production — by 250 thousand barrels per day — to 1.7 million barrels per day, exceeding the permitted level by almost two times.
