Seven OPEC+ member states have made a decision to increase the oil production quotas by 188,000 barrels per day (BPD) in June, Western media outlets said, citing delegates to the OPEC+ meeting.
The next meeting of the ministers of the seven countries is scheduled for June 7.
Therefore, the total OPEC+ quota for June, taking into account the compensations by Kazakhstan and Oman, operating on the schedule of compensating for overproduction, will be 34,744 BPD. It is 185,000 BPD more that the permitted production amount for the entire alliance in April.
The leaders of the deal, Saudi Arabia and Russia, could increase oil production to 62,000 BPD, reaching 10.291 million BPD and 9.762 million BPD, respectively, in June. Iraq is eligible to increase production by 26,000 BPD to 4.352 million BPD, Kuwait by 16,000 BPD to 2.628 million BPD, and Algeria by 6,000 BPD to 989,000 BPD. The change of the quotas for the countries, which exceeded the permitted production volumes in the past month, will be adjusted to their compensation schedules. Thus, Kazakhstan will be able to increase production by 10,000 BPD to 720,000 BPD and Oman by 1,000 BPD to 806,000 BPD. The quotas for those who have breached the deal are not final, because the OPEC Secretariat announces the compensation schedules during the week after the meeting of the seven OPEC+ states, and it could lead to nominal adjustments to the general production plan.
However, while the conflict in the Middle East is ongoing, production volumes of many Persian Gulf states remain reduced.
In March, according to OPEC data, the OPEC member states decreased oil production by 7.7 million BPD due to the conflict in the Middle East, and as a result, Iraq brought the volumes it was overproducing since 2024 to zero instead of compensating for it until June 2026.
At the same time, Kazakhstan again increased production instead of reducing it in March, by 250,000 BPD to 1.7 million BPD, exceeding the permitted volume almost twofold.
