OPEC+ States’ Output Exceeds Target By 1.17 Mbd In May - IEA

MOSCOW, June 17 (Bernama-TASS) -- OPEC+ countries’ oil production grew by 140,000 barrels per day (bpd) in May 2025, with the organisation’s target considering voluntary cuts and compensations exceeded by 1.17 million barrels per day (mbd), the International Energy Agency (IEA) said in its June report.

Russian News Agency (TASS) reported that the targeted level of OPEC+ output within the agreement considering voluntary adjustments and overproduction compensations in May stood at 34.03 mbd, while real production reached 35.2 mbd, which brings the overrun to around 1.17 mbd, according to the agency.

Among the countries exceeding their production commitments the most last month were Kazakhstan (by 470,000 bpd), the UAE (by 350,000 bpd), Iraq (by 280,000 bpd), Kuwait (by 190,000 bpd), and Russia (by 170,000 bpd), according to the IEA.

-- BERNAMA-TASS