The Organization of the Petroleum Exporting Countries (OPEC) raised production by 3.3 million barrels per day (bpd) compared to May, reaching a total of 19.43 million bpd. This rise followed a period of reduced output due to the Iran war and the closure of the Strait of Hormuz.
The survey found that Kuwait and Iran recorded the largest increases in production. The United States ended its blockade of ships to and from Iranian ports, allowing Iran to boost output. Saudi Arabia and Iraq also raised production, while Nigeria and Libya, whose shipments were not affected by the conflict, increased output.
The figures do not include the UAE, which left OPEC as of May 1. Despite the increase, OPEC’s output remains well below its official quotas and below levels recorded during the COVID-19 pandemic in 2020.
The Reuters survey uses data from LSEG, Kpler, and sources at oil companies, OPEC, and industry consultants.
