OPEC+ Data Deck (July 2025)
OPEC+ crude output jumped in June and made up for sluggish May output gains while official quota-cheating is now a Kazakh-only problem and Saudi confirms higher June "production" vs “supply to market"
Below the paywall you will find the latest monthly edition of the Commodity Context OPEC+ Data Deck (50-page PDF), tracking groupwide and member-level official production estimates, quotas, compliance, exports, and official production data reconciliation vs output implied by visible movements.
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Quota participating OPEC+ crude production rose 451 kbpd m/m to 34,687 kbpd in June, according to official OPEC secondary source estimates.
Quota overproduction is now almost entirely a Kazakh phenomenon, which worsened in June, while official Iraqi crude production fell below its compensation-inclusive quota for the first time in two years.
Implied production rose faster than the official output data, and OPEC included a note in its Monthly Oil Market Report confirming production estimates published last week that indicated far higher Saudi “production” compared to Riyadh’s preferred “supply to market” measure.
[Further analysis and full OPEC+ Data Deck PDF report below paywall]