OPEC+ exceeds output plan by 22,000 bpd in May, Russia by 130,000 bpd - OPEC data

MOSCOW. June 11 (Interfax) - OPEC+ produced 40.9 million barrels of oil per day in May, 123,000 fewer bpd than in April, while the countries participating in the OPEC+ deal, except for Libya, Iran, and Venezuela, produced 35.7 million bpd in May, OPEC said in its monthly report.

OPEC countries boosted production by 29,000 bpd month-on-month to 26.6 million bpd in May, while non-OPEC countries that are part of the OPEC+ deal cut production by 152,000 bpd month-on-month to 14.3 million bpd.

Equatorial Guinea, Gabon, Nigeria, the United Arab Emirates, and Mexico each respectively boosted production, while Congo, Kuwait, Saudi Arabia, Kazakhstan, and Russia each respectively cut output.

Production exceeded the plan by 22,000 bpd at 35.68 million bpd produced according to Interfax calculations that account for the quotas under the OPEC+ deal, as well as voluntary reductions among eight countries in the alliance. Meantime, OPEC countries participating in the deal exceeded the plan by 177,000 bpd, while non-OPEC countries produced 155,000 fewer bpd than promised mainly owing to Mexico, whose quota remains unchanged, though is accounted in the volume of OPEC+, Azerbaijan, and Sudan.

As reported, a number of countries that have not been cutting production sufficiently, particularly Kazakhstan, Iraq, and Russia, are required by the end of June to present a plan to offset the volumes, with compensation being by October 2025. Consequently, Russia should have produced 9,049 bpd in May, with the country's actual output having totaled 9,182 bpd according to OPEC, meaning 133,000 bpd higher. Russia should have produced 9,099 bpd in April instead of actual output of 9,301 bpd, meaning 202,000 bpd higher.