OPEC+ ramps up June oil production despite missing output goals

OPEC+ countries participating in the group's voluntary oil production restraint agreement significantly increased output in June, but collective production remained well below agreed target levels, the latest report from the International Energy Agency (IEA) has revealed.

The IEA said participating producers raised their combined output by 2.17 million barrels per day (bpd) in June 2026. However, the group's actual production reached 26.38 million bpd, falling short of its collective target of 33.89 million bpd by approximately 7.51 million bpd, Caliber.Az reports, citing Russian media.

Among the seven OPEC+ countries covered by the voluntary production agreement, Saudi Arabia posted the largest increase, raising output by 900,000 bpd. Kuwait increased production by 630,000 bpd, Iraq by 490,000 bpd, Russia by 120,000 bpd, Oman by 30,000 bpd, and Algeria by 10,000 bpd. Kazakhstan was the only country in the group to reduce output, cutting production by 50,000 bpd during the month.

Across the broader OPEC+ alliance, total oil production rose by 2.14 million bpd in June to 32.44 million bpd, the IEA said.

By Vafa Guliyeva