OPEC+ members produced 7.111 million barrels per day (bpd) below their agreed quota in June, despite a monthly production increase of 1.18 million bpd.
The data, reported by TASS, reveals that the alliance’s voluntary output cuts remain substantial, with participating nations excluding Libya, Iran, Venezuela, and the UAE producing just 27.633 million bpd against a higher target.
548 million bpd. However, the June data suggests that actual output may again lag behind official plans, limiting the immediate impact of the planned hike on global supply.
This persistent undersupply provides a structural support level for crude markets, even as geopolitical tensions continue to disrupt shipping routes.
The shortfall indicates that OPEC+ is prioritizing price stability over market share, maintaining a disciplined approach to supply management despite the potential for higher revenues from increased output.
The production gap comes as the alliance prepares for a scheduled quota increase in July, with the target set at 30.633 million bpd, up from June’s 29.548 million bpd.
However, the June data suggests that actual output may again lag behind official plans, limiting the immediate impact of the planned hike on global supply.