OPEC+ May oil output falls 8.241 mln bpd below target, including voluntary cuts

MOSCOW, June 11. /TASS/. OPEC+ countries participating in the oil output cut deal produced 26.318 million barrels per day (bpd) in May 2026, falling 8.241 million bpd short of their target, including voluntary cuts and compensations, according to the OPEC monthly report.

Excluding Libya, Iran, and Venezuela, which are exempt from the deal, as well as the UAE, which withdrew from OPEC and OPEC+ on May 1, the alliance's production totaled 26.318 million bpd. Accounting for all voluntary restrictions and compensation schedules set for May, OPEC+ countries were expected to pump 34.559 million bpd.

Thus, the alliance underproduced by 8.241 million bpd against the plan in May.

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.

Among OPEC members exempt from the OPEC+ output curbs, Libya's oil production fell by 5,000 bpd in May to 1.302 million bpd, while Iran's output dropped by 546,000 bpd to 2.33 million bpd amid the Middle East conflict. Venezuela, however, boosted production by 36,000 bpd to 1.072 million bpd.