According to the OPEC report, countries participating in the OPEC+ oil production cut agreement increased production in June 2026 by 1.208 million barrels per day, but considering voluntary cuts and compensation commitments, they fell short of the plan by 7.111 million barrels per day:
Excluding data from the UAE, which left OPEC and OPEC+, as well as Libya, Iran, and Venezuela, which are exempt from restrictions, the alliance's production amounted to 27.633 million barrels per day:
Among major producers, Saudi Arabia fell short of its quota by 3.444 million barrels per day, Iraq by 2.382 million, Kuwait by 1.176 million, and Russia by 834 thousand barrels per day:
In June, Russia produced 8.928 million barrels per day, which is 61 thousand barrels less than in May and 834 thousand barrels per day below the quota set by OPEC+:
At the same time, Russia maintained its position as the largest oil supplier to India in May, exporting 2.1 million barrels per day:
OPEC has reduced its forecast for global oil demand growth in 2026, now expecting demand to increase by 0.8 million barrels per day:
For 2027, the organization has raised its demand growth forecast, expecting an annual increase of about 1.9 million barrels per day:
OPEC has also maintained its forecast for growth in liquid hydrocarbons production by non-OPEC+ countries for both 2026 and 2027 at 0.6 million barrels per day:
