OPEC+ countries cut oil output by 40,000 bpd in May, missed targets — IEA
According to the IEA, the target production level for OPEC+ countries voluntarily limiting oil output stood at 33.7 mln bpd in May, while actual production amounted to 24.26 mln bpd
OPEC+ countries cut oil output by 40,000 bpd in May, missed targets — IEA In May, OPEC+ countries voluntarily limited their oil output to a target of 33.7 million barrels per day. However, their actual production only reached 24.26 million barrels per day. This indicates a substantial shortfall in meeting their own production goals.
- OPEC+ voluntary oil output target for May: 33.7 million bpd.
- Actual OPEC+ oil production in May: 24.26 million bpd.
- Production fell short of the targeted level.
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