OPEC+ Output 3 mln bpd Less than Target in June

OPEC+ oil output in June is almost 3 million barrels per day (bpd) less than its target, as some countries failed to comply with the output target.

The level of underproduction by OPEC+ jumped to 320% in June from 256% in May and 220% a month earlier, Russian Interfax news agency reported, citing a source familiar with the data.

The OPEC+ group’s combined oil underproduction from the planned levels was 2.84 million bpd last month.

Most OPEC producers suffered from chronic underinvestment due to price downturns in recent years as well as pressure on investors to dump fossil fuel and find alternative energies instead.

OPEC+ will consider keeping oil output unchanged for September when it meets next week, although a modest output increase is also likely to be discussed, Reuters reported, citing eight sources.

About Parvin Faghfouri Azar

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