OPEC+ boosts oil output by 1.18 mln bpd MoM in June; 7.1 mln bpd short of plan

MOSCOW. July 13 (Interfax) - OPEC+ countries participating in the agreement boosted production by 1.18 million barrels of oil per day month-on-month to 27.633 million bpd in June, though the countries lagged the quota by 7.111 million bpd, according to the organization's monthly report.

Kuwait increased output the most by 880,000 bpd to 1.452 million bpd, and Iraq by 446,000 bpd to 1.98 million bpd. However, both countries remained substantially behind their respective quotas permitted under the agreement.

The leaders of the agreement reduced production last month. Namely, Saudi Arabia slashed output by 99,000 bpd to 6.847 million bpd and Russia cut production by 61,000 bpd to 8.928 million bpd.