OPEC+ falls short of oil production target in June

OPEC+ countries participating in the oil output reduction agreement increased production by 1.208 million barrels per day (bpd) in June 2026 but remained 7.111 million bpd below their target when voluntary cuts and compensation schedules are taken into account.

OPEC’s data showed, 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, total production by alliance members stood at 27.633 million bpd, Caliber.Az reports, citing Russian media.

Taking into account all voluntary restrictions and compensation commitments for June, OPEC+ countries were expected to produce 34.744 million bpd.

As a result, the alliance's oil production was 7.111 million bpd below target during the month.

Among the seven leading OPEC+ producers, Russia produced 834,000 bpd below its quota in June, Iraq fell short by 2.382 million bpd, Saudi Arabia by 3.444 million bpd, and Kuwait by 1.176 million bpd.

Algeria was broadly in line with its quota, missing the target by only 2,000 bpd.

The production shortfalls recorded by several Middle Eastern countries were linked to the regional conflict.

Meanwhile, Kazakhstan exceeded its target by 1.152 million bpd despite a slight decline in output in June, while Oman produced 126,000 bpd above quota.

Among OPEC members exempt from production restrictions, Libya increased output by 22,000 bpd to 1.325 million bpd, while Iran boosted production by 155,000 bpd to 2.441 million bpd amid an improving security situation in the Middle East.

Venezuela, by contrast, slightly reduced production by 1,000 bpd to 1.07 million bpd.

The UAE, which recently exited OPEC and OPEC+, sharply increased oil output in June by 1.642 million bpd to 3.809 million bpd.

By Bakhtiyar Abbasov