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Opec-Plus Claws Back With June Output Surge

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  • Crude oil production by Opec-plus grew 610,000 b/d in June to 43.69 million b/d, according to Energy Intelligence’s assessment, marking the largest monthly increase since September 2021.
  • Non-Opec Russia spearheaded the surge with a 540,000 b/d gain for the month, while Opec leaders Saudi Arabia and Iraq each added 100,000 b/d.
  • Despite the jump in output, the 19 members of the alliance with quotas came up 2.77 million b/d short of required production of 40.8 million b/d for June.

June was a month of recovery for Opec-plus. Output jumped beyond what was previously thought possible thanks to a resurgence in Russian activity, while Iraq showed that it still has potential for upside regardless of infrastructure constraints.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply
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