Russia Leads Surge in Opec-Plus Production

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Opec-plus produced 43.7 million b/d of crude oil in June, a 610,000 b/d gain on May thanks to a massive resurgence in Russian output, an assessment by Energy Intelligence shows. But among the 19 producers with a quota, production was still 2.8 million b/d below the monthly target. Russia cranked out nearly 9.8 million b/d, up 540,000 b/d, so that production is now only 2.8% lower than pre-Ukraine war levels. Saudi Arabia and Iraq each added 100,000 b/d, with the latter managing to raise production to 4.4 million b/d, the highest in two years despite infrastructure challenges. Kazakhstan dragged the alliance down due to maintenance at the massive Kashagan field, and alleged environmental violations at a Black Sea port threatens 1.2 million b/d in Kazakh exports.

Crude Oil, Oil Supply, Opec-Plus Supply
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