OPEC Crude Oil Production Surges 3mbpd in June
Crude oil production by the Organisation of the Petroleum Exporting Countries (OPEC) rebounded in June after declining since March, rising by around 3.05 million barrels per day (mbpd) from the previous month.
In June, OPEC’s total output stood at about 22 million bpd, according to the group’s latest Monthly Oil Market Report on Monday.
The United Arab Emirates posted the largest monthly increase, with output rising by 1.642 million bpd to around 3.81 million bpd.
Kuwait’s production climbed by 880,000 bpd to 1.45 million bpd, while Iraq increased output by 446,000 bpd to 1.97 million bpd.
Production also rose in Iran, up 155,000 bpd to 2.44 million bpd, Libya, up 22,000 bpd to 1.32 million bpd, Gabon, up 10,000 bpd to 224,000 bpd, and Algeria and Nigeria, each up 5,000 bpd.
The largest decline came from Saudi Arabia, whose production fell by 99,000 bpd to around 6.85 million bpd, as production in Equatorial Guinea and Congo also declined, each by 7,000 bpd, to 44,000 bpd and 274,000 bpd, respectively. Venezuela’s output slipped by 1,000 bpd to 1.07 million bpd.
Crude oil production by the OPEC+ alliance, which includes OPEC members and several non-OPEC producers, increased by about 2.99 million barrels per day in June to average 36.28 million bpd.
OPEC slightly lowered its 2026 demand growth forecast while raising its 2027 outlook, although both projections continue to point to solid demand growth.
The group expects global oil demand to increase by 780,000 barrels per day (bpd) this year from 2025 to average 105.94 million bpd.
Demand in non-OECD countries is projected to rise by 740,000 bpd to 59.95 million bpd, while demand in OECD countries is expected to increase by 40,000 bpd to 45.99 million bpd.
For 2027, OPEC forecasts global oil demand will grow by a further 1.94 million bpd to average about 107.88 million bpd. #OPEC Crude Oil Production Surges 3mbpd in June#
