OPEC says compliance with OPEC+ deal at 129% in June

MOSCOW, Jul 12 (PRIME) -- The OPEC countries increased their oil production by 234,000 barrels per day on the month to 28.716 million barrels per day in June, and their compliance with the OPEC+ oil output reduction deal amounted to 129%, OPEC said in a monthly report on Tuesday.

The alliance reduced oil production by 1.876 million barrels per day from October 2018.

The organization retained its growth forecast of the combined oil production outside OPEC to 2.1 million barrels per day in 2022. The average annual oil output should amount to 65.7 million barrels per day this year. It also still expects Russia’s oil output of oil and condensate to shrink by 200,000 barrels per day to 10.6 million barrels per day this year instead of the previously expected increase by 100,000 barrels per day.

OPEC still expects global oil demand to rise by 3.4 million barrels per day to 100.3 million barrels per day in 2022.

Commercial reserves of oil and oil products in the countries of the Organization for Economic Cooperation and Development (OECD) went up by 10.5 million barrels on the month in May, and were below the average annual reserve level for 2015–2019 by 276 million barrels.

The OPEC+ countries agreed to reduce their oil output by significant 9.7 million barrels per day in May 2020 to fight the consequences of the global coronavirus crisis, with Russia’s share of 2.5 million barrels per day. Reduction quotas were adjusted several times, and the alliance has been raising its production by 400,000 barrels per day a month since August 2021, and it was to expand the output by 432,000 barrels per day in May and by 648,000 barrels per day in each month from June through August.

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