According to OPEC figures released on Tuesday, the ten OPEC producers that are part of the OPEC+ agreement produced 24.8 million barrels per day (bpd) of crude oil in June, falling 1 million bpd short of the target threshold of 25.84 million bpd.

According to secondary sources utilised by OPEC to measure production in its Monthly Oil Market Report, all 13 OPEC members produced 28.716 million bpd in June, an increase of 234,000 bpd from May (MOMR).

Only three signatories are exempt from the production pact: Iran, Libya, and Venezuela.

Due to ongoing turmoil, protests, and port blockades, Libya’s production decreased by the most in June, falling to less than 1 million barrels per day in each of the months of the second quarter.

Saudi Arabia, the largest producer in OPEC, naturally increased its crude oil output the most in June compared to May. However, according to OPEC’s secondary sources, even Saudi Arabia was falling short of its June quota. According to OPEC, Saudi Arabia’s oil output increased by 159,000 bpd to 10.585 million bpd.

According to secondary source data, the Kingdom was 78,000 bpd below its quota last month because the Saudi aim was 10.663 million bpd. However, Saudi Arabia informed OPEC that its production levels were in line with its target of 10.646 million bpd.

In contrast to a goal of 3.075 million bpd, the UAE, the only other OPEC producer except Saudi Arabia thought to have extra ability to expand output, marginally exceeded its goal.

According to OPEC’s secondary sources, Iraq, the organization’s second-largest oil producer, fell 75,000 bpd short of its goal.

Nigeria has been the largest laggard for several months. While its quota was 1.772 million bpd, its oil production in June averaged 1.238 million bpd.

The OPEC+ resolved to speed up the rollback of the cutbacks and have those undone by the end of August, so the targets for this month and next are considerably higher.

For July and August, Saudi Arabia has set production goals of 10.833 and 11 million bpd, respectively.