OPEC+ countries can boost oil output by 432,000 bpd starting in June

MOSCOW. June 1 (Interfax) - The production quota for OPEC+ countries has increased by another 432,000 barrels of oil per day as of June 1, though the respective countries will likely not reach the permitted output level.

The OPEC+ ministers in early May voted to boost the production quota by another 432,000 bpd starting in June. The quota has increased by 400,000 bpd since September 2021, and is planned to rise by 432,000 bpd as of May owing to an increase in the reference base for a number of countries.

The reductions should be completely curtailed in September 2022 at this rate, and be 2.2 million bpd by the end of April.

The oil output quota for Russia and Saudi Arabia starting in June is 10.663 million bpd.

However, not all OPEC+ countries have been able to boost production within their respective quotas. Consequently, the accumulated arrears from the production plan was 2.6 million bpd as at the end of April, and Russia did not attain the permitted level in March-April, so the arrears are likely to exacerbate.

Russia lagged the plan by 313,000 bpd in March owing to the sanctions imposed on the country.

The next meeting of the OPEC+ ministers is scheduled for June 2, when they should decide on quotas for July. The quota increase for July is still expected to be the planned 432,000 bpd.