Eight OPEC+ countries that voluntarily reduce oil production must increase it by 411,000 barrels per day in June. This corresponds to a three-month plan for production growth.
Russia, Kazakhstan, Saudi Arabia, the UAE, Kuwait, Algeria, Oman and Iraq have previously committed to voluntarily reducing production. All these countries have reduced production by 2.2 million barrels per day since the beginning of last year.
Since April of this year, these countries planned to increase production by 138,000 barrels per day, but in May they deviated from the initial plan and decided to increase it by 411,000 barrels in May and June.
