OPEC Crude Oil Production Rises by 3.05 mbpd in June

In June, OPEC's crude oil production surged by 3.05 million barrels per day (mbpd), according to the latest monthly oil market report released on Monday. Total output from OPEC member countries rose by 2.2 million barrels per day.

The United Arab Emirates recorded the largest increase, producing an additional 1.642 million barrels per day, while Kuwait's output climbed by 880,000 barrels per day to reach 1.45 million barrels per day. Iraq's production increased by 446,000 barrels per day to 1.97 million barrels per day, and Iran added 155,000 barrels per day, reaching 2.44 million barrels per day.

Conversely, Saudi Arabia experienced the largest decline, with output falling by 99,000 barrels per day to 6.85 million barrels per day. OPEC also adjusted its global oil demand projections, lowering its 2026 growth forecast while raising its outlook for 2027, expecting a demand increase of 780,000 barrels per day in 2026 and 1.94 million barrels per day in 2027.