OPEC+ Data Deck (June 2024)

Participating group-wide crude output fell notably in May as Russia and Kazakhstan made material progress in closing the gap toward their production targets

Below the paywall you will find the latest monthly edition of the Commodity Context OPEC+ Data Deck (34-page PDF), tracking group-wide and member-level production estimates, quotas, compliance, and exports.

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• Quota-participating OPEC+ crude production fell 140 kbpd m/m to 34.04 MMbpd in May

• OPEC+ extended the bulk of its cuts through end-2025 while the final 2.2 MMbpd of cuts by the so-called Group of Eight have been extended through Q3 after which the plan is to begin easing them back slowly over the following year (subject to market conditions, of course)

• Group-wide production exceeded official quotas—set at 33.92 MMbpd in May—by roughly 130 kbpd

Quota-participating OPEC+ crude production fell 140 kbpd m/m to 34.04 MMbpd in May, with declines driven by Russia (-120 kbpd) and Kazakhstan (-70 kbpd). Russian output reductions continue to be driven by both the ongoing shift in Moscow’s commitments from export-based to output-based cuts while Kazakhstan is closing the gap against its prior overproduction. The next-largest production decline was reported in Saudi Arabia, though at a mere ~30 kbpd it highlights how stable output from quota-bound producers has been over the past month. Overall declines were moderated by a 70 kbpd production increase in Nigeria.

[Further analysis and full OPEC+ Data Deck PDF report below paywall]