Officially, OPEC+ countries decide to increase oil production in June by 188,000 barrels per day.
Oil market stability
Written by Mohamed Salem
Seven countries in the coalition decided OPEC+ Those countries that have made voluntary cuts – namely Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Algeria and Oman – will increase their maximum permitted oil production in June by 188,000 barrels per day, according to a statement issued after the meeting of member states.
The statement issued on Sunday read: “As part of the collective commitment to maintaining the stability of the oil market, the seven countries decided to adjust the production level by 188,000 barrels per day compared to the additional voluntary reductions announced in April 2023, with this adjustment to be implemented in June 2026.”.
Increase the maximum production limit
The statement indicated that the increase in the maximum production limit is close to the level of increase recorded in May, which amounted to 206,000 barrels per day, excluding the UAE’s share after it announced its withdrawal from OPEC and OPEC+ effective May 1.
According to the statement, Kuwait was allowed to increase its oil production in June by 16,000 barrels per day to reach 2.628 million barrels per day, Oman by 5,000 barrels per day to 826,000 barrels per day, and Iraq by 26,000 barrels per day to 4.352 million barrels per day.
The statement explained that the maximum allowed production in May was 2.612 million barrels per day in Kuwait, 821 thousand barrels per day in Oman, and 4.326 million barrels per day in Iraq, noting that these figures do not take into account the previous surplus production compensation schedule, especially in Oman, which has to reduce its production according to this schedule.
OPEC data indicated that Saudi Arabia's maximum oil production would increase in June by 62,000 barrels per day, reaching 10.291 million barrels per day.
Saudi Arabia's production increase
According to data published by OPEC+ on Sunday, “Saudi Arabia’s maximum oil production in June will increase by 62,000 barrels per day to 10.291 million barrels per day.”.
According to the OPEC report, Saudi Arabia's oil production fell by 231 TP3T during March to 7.8 million barrels per day.
In the same context, Kazakhstan will be able to increase its oil production in June, excluding the schedule for compensating for excess production, by 10,000 barrels per day to reach 1.599 million barrels per day, while Algeria will raise its production by 6,000 barrels per day to 989,000 barrels per day, according to an OPEC statement.
