OPEC+ boosts June output by 1.15 mln bpd in July but misses target, IEA says

OPEC+ boosts June output by 1.15 mln bpd in July but misses target, IEA says According to IEA data, the production shortfall against the planned quota amounted to approximately 6.02 million bpdMOSCOW, August 12. /TASS/. OPEC+ nations participating in the oil output supply-cut deal increased production by 1.15 million barrels per day (bpd) in July 2026, but still fell significantly short of their targets, the International Energy Agency (IEA) said in its report. According to IEA data, the combined target for the OPEC+ countries implementing voluntary output limits was set at 34.08 million bpd in July, whereas actual production reached 28.06 million bpd. Thus, the production shortfall against the planned quota amounted to approximately 6.02 million bpd. The IEA report noted that among the seven key OPEC+ producers in July, Algeria cut output by 10,000 bpd, while Kuwait increased production by 290,000 bpd, Iraq ramped up by 470,000 bpd, and Saudi Arabia boosted output by 900,000 bpd. Meanwhile, Oman reduced its output by 20,000 bpd, and Russia cut production by 100,000 bpd. Additionally, Kazakhstan slashed its oil production by 330,000 bpd in June. Total production for all OPEC+ member states grew by 1.52 million bpd in July, reaching 34.53 million bpd. 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