OPEC+ countries boost oil production by 2.17 mln bpd in June but remain below target — IEA

OPEC+ countries boost oil production by 2.17 mln bpd in June but remain below target — IEA According to the IEA, the target production level for OPEC+ countries voluntarily limiting oil output stood at 33.89 mln bpd in June, while actual production amounted to 26.38 mln bpdMOSCOW, July 10. /TASS/. OPEC+ countries participating in the oil production cut agreement increased output by 2.17 mln barrels per day (bpd) in June 2026 but still remained well below their target levels, according to a report by the International Energy Agency (IEA). According to the IEA, the target production level for OPEC+ countries voluntarily limiting oil output stood at 33.89 mln bpd in June, while actual production amounted to 26.38 mln bpd. The shortfall therefore totaled about 7.51 mln bpd. According to the IEA, among the seven OPEC+ countries subject to voluntary production cuts, Algeria increased output by 10,000 bpd in June, Kuwait by 630,000 bpd, Iraq by 490,000 bpd, Saudi Arabia by 900,000 bpd, Oman by 30,000 bpd, and Russia by 120,000 bpd. At the same time, Kazakhstan reduced oil production by 50,000 bpd. Oil production by all OPEC+ countries increased by 2.14 mln bpd in June to 32.44 mln bpd. 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