OPEC+ 'seven' oil output falls 7.646 mln bpd below target in May

MOSCOW, June 11. /TASS/. The seven OPEC+ nations implementing voluntary oil output cuts pumped 21.717 million barrels per day (bpd) in May 2026, falling 7.646 million bpd short of the agreed target, including voluntary reductions and compensations, according to the OPEC monthly report.

Under the agreement, the seven countries (factoring in the UAE's withdrawal from the alliance on May 1) were expected to increase output in May by 82,000 bpd compared to April, driven by higher quotas and reduced obligations to compensate for previous overproduction. The planned production level was set at 29.363 million bpd, while actual output stood at 21.717 million bpd. Thus, total production was 7.646 million bpd below the target.

Among the top seven OPEC+ nations, Russia missed its May quota by 690,000 bpd, Iraq fell 2.845 million bpd short, Saudi Arabia was 3.316 million bpd below target, and Kuwait lagged by 2.039 million bpd. Algeria virtually met its quota, falling just 1,000 bpd short. The sharp production lag behind quotas for several Middle Eastern nations is attributed to the conflict in the region. Meanwhile, Kazakhstan exceeded its target by 1.162 million bpd, and Oman by 83,000 bpd.

At the latest meeting of the seven nations, it was agreed to extend the compensation period for previous overproduction until the end of December 2026 for countries adhering to voluntary cuts, as well as to increase July quotas by 188,000 bpd.