OPEC+ pumped more than 2.5 million barrels per day (bpd) below its target in June, despite a rebound in Russia’s oil production that helped the group’s output rise by 730,000 bpd from May, according to the Argus survey published on Friday. Saudi Arabia and Iraq, OPEC’s largest and second-largest producers, raised their output as domestic demand from power plants that burn oil increased seasonally.
Russia, the largest non-OPEC producer part of the OPEC+ pact, saw its production rebound last month and rise by 550,000 bpd compared…OPEC+ Is Still 2.5 Million Bpd Below Its Production Target
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