OPEC+ members cut oil production in May
According to Tasnim news agency, citing Tass news agency, according to the data presented in OPEC's June report, the countries participating in the OPEC+ agreement reduced their oil production by 123,000 barrels per day in May and reached 40.922 million barrels per day. .
Without Libya, Iran and Venezuela, which are exempt from production restrictions, the production volume of allied countries reached 35.701 million barrels per day.
Taking into account all voluntary production cuts in May, OPEC+ countries were expected to produce 35.595 million barrels per day, according to the report.
The biggest drop in production in April was recorded in Russia. The country cut its oil production by 119,000 barrels per day to 9.182 million barrels per day.
Starting in the first quarter of 2024, several OPEC+ countries, including Russia and Saudi Arabia, voluntarily cut oil production by 2.2 million barrels per day to balance the market. Initially, this action was supposed to occur only in the first trimester, but then it was extended to both the second and third trimesters.
In addition, a number of OPEC+ countries, which again include Russia and Saudi Arabia, have voluntarily cut their oil production by 1.66 million barrels per day from spring 2023 and will continue to do so until the end of 2025.
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