The Reuters survey showed output by the 11-member organization recovered from the prior month’s record low of 16.13 million bpd. That May level had marked the weakest monthly figure in more than two decades according to earlier Reuters surveys and stood below even the lows of the 2020 COVID-19 demand collapse. Production nevertheless remained far below official quotas despite the sharp monthly rebound.
Kuwait and Iran registered the largest increases the survey indicated while Saudi Arabia and Iraq also boosted volumes. Nigeria and Libya pumped higher as well since their shipments escaped the regional conflict’s direct impact. The gains followed the end of a U.S. naval blockade on Iranian ports that had forced earlier cuts according to survey sources.
Gulf members had shut in supplies during the Iran war and the related closure of the Strait of Hormuz the survey reported. Seven core OPEC+ members including Russia had agreed on production hikes for June but the geopolitical events rendered the increases impossible a prior Reuters report from June noted. The collective output still lagged targets set under successive quota adjustments.
The survey drew on shipping flow data provided by financial group LSEG and tracking firm Kpler together with information from oil company executives OPEC officials and consultants. This combination has underpinned Reuters monthly assessments of OPEC production for years the news agency has stated. Correspondents Alex Lawler and Ahmad Ghaddar contributed to the June compilation with editing by Elaine Hardcastle.
OPEC+ approved a fourth consecutive quota increase of 188,000 barrels per day from July according to a separate Reuters dispatch published in early June. Most participants however continued to produce below their adjusted targets because of lingering effects from the Hormuz disruptions industry data showed. Kuwait posted the single biggest monthly jump within the June recovery the primary survey found.
U.S. Energy Information Administration figures placed OPEC+ share of global crude production at 47 percent in 2024 with the group forecast to register only modest growth through 2026 amid extended voluntary cuts. The EIA projected that non-OPEC+ suppliers would account for the bulk of worldwide petroleum liquids expansion in 2025 and 2026. The June OPEC rebound arrives as peace efforts between involved parties appear to hold according to recent market reports.
