OPEC+ oil output drops in May, falls far short of targets

OPEC+ countries participating in the agreement to limit oil output reduced production by 40,000 barrels per day (bpd) in May 2026, while significantly missing planned output targets.

According to a report by the International Energy Agency (IEA), the combined target for OPEC+ members voluntarily restricting production stood at 33.7 million bpd in May, while actual output reached 24.26 million bpd. This resulted in a shortfall of approximately 9.44 million bpd compared to planned levels, Caliber.Az reports, citing Russian media.

The IEA data indicated that among key OPEC+ producers, only Kazakhstan exceeded its production quota, producing 360,000 bpd above its target.

By contrast, several major producers remained below their assigned levels. Iraq produced 2.85 million bpd below its target, Saudi Arabia 3.64 million bpd below, Russia 960,000 bpd below, Kuwait 1.97 million bpd below, and Algeria 20,000 bpd below. Oman, meanwhile, was reported to have met its quota.

Overall, OPEC+ production in May declined to 30.3 million bpd, according to the report.

By Vafa Guliyeva