The following table shows crude output by the Organization of the Petroleum Exporting Countries in millions of barrels per day in June and May, according to a Reuters survey on Friday.
The outbreak of the on February 28 forced large production shutdowns in Gulf nations due to the effective closure of the Strait of Hormuz. As a result, OPEC+ Gulf members cannot deliver on pledged production increases they have made since April.
With flows through the Strait increasing, production has started to recover in June but remains far below quotas.
The figures in the first and second columns are in millions of barrels per day. Totals are rounded. The United Arab Emirates left OPEC as of May 1.
June May Change vs. June target* Under/over | output output May target | Algeria 0.99 0.97 20,000 989,000 1,000 | Congo 0.27 0.27 0 277,000 -7,000 | Eq. Guinea 0.05 0.05 0 70,000 -20,000 | Gabon 0.22 0.22 0 169,000 51,000 | Iraq 2.00 1.56 440,000 4,352,000 -2,352,000 | Kuwait 1.65 0.58 1,070,000 2,628,000 -978,000 | Nigeria 1.65 1.6 50,000 1,500,000 150,000 | Saudi Arabia 7.20 6.5 700,000 10,291,000 -3,091,000 | TOTAL OPEC 8 14.03 11.75 60,000 20,276,000 -6,246,000 | Iran 3.00 2 1,000,000 | Libya 1.30 1.25 50,000 | Venezuela 1.10 1.13 -30,000 | TOTAL OPEC 11 19.43 16.13 3,300,000 |
*Output target as announced by OPEC+. There were no compensation cuts to make up for earlier overproduction for OPEC members in June.
Iran, Libya and Venezuela are exempt from OPEC output agreements.
The Reuters survey aims to assess crude supply to the market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone. Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.