OPEC’s oil production rose in June as part of an OPEC+ agreement to boost output, though the overall increase was limited as some countries cut production to offset surpluses recorded in previous months.
A Reuters survey showed that OPEC’s output reached around 27.02 million barrels per day (bpd) last month, an increase of 270,000 bpd compared to May, with several member states gradually raising output in line with the agreement.
The increase came as part of an agreement among eight OPEC+ countries — including five OPEC members — aiming to raise production by about 313,000 barrels per day before factoring in the compensatory cuts required from some members.
However, the survey showed that the actual increase amounted to just 267,000 barrels per day, as some countries boosted production without reaching their full target, while others voluntarily reduced output to correct previous overproduction.
OPEC’s oil production rose in June as part of an OPEC+ agreement to boost output, though the overall increase was limited as some countries cut production to offset surpluses recorded in previous months.
A Reuters survey showed that OPEC’s output reached around 27.02 million barrels per day (bpd) last month, an increase of 270,000 bpd compared to May, with several member states gradually raising output in line with the agreement.
The increase came as part of an agreement among eight OPEC+ countries — including five OPEC members — aiming to raise production by about 313,000 barrels per day before factoring in the compensatory cuts required from some members.
However, the survey showed that the actual increase amounted to just 267,000 barrels per day, as some countries boosted production without reaching their full target, while others voluntarily reduced output to correct previous overproduction.
