OPEC+ 2.84 Million Bpd Below Oil Output Target

The OPEC+ group had a huge deficit of 2.84 million barrels per day (bpd) in June between actual output and the target oil output level as part of the deal, so, the gap between nameplate output per the agreement and actual output continues to widen.

OPEC+ pumped more than 2.5 million bpd below its target in June, despite a rebound in Russia’s oil output that helped the group’s output rise by 730,000 bpd from May.

Russia’s oil output rose in June and was approaching the levels last seen in February, just before the Russian invasion of Ukraine. Most of the rebound was due to higher intake from domestic refiners.

The OPEC+ pact pumped 24.8 million bpd of crude oil in June, OPEC data showed in the Monthly Oil Market Report (MOMR), with output falling 1 million bpd short of the target levels.

Saudi Arabia’s oil output rose by 159,000 bpd to 10.585 million bpd. To compare, the Saudi target was 10.663 million bpd, so the Kingdom was 78,000 bpd below its quota last month using secondary source figures.

OPEC+ is expected to continue to underperform by a lot compared to its output targets for July and August after the group decided to accelerate the rollback of the cuts and have those completely unwound by the end of August.