This completes the phased rollback of a 1.65 million bpd supply cut originally agreed in 2023, when the group still included the United Arab Emirates, which left the Organisation of the Petroleum Exporting Countries in May.
For the moment it matters little what the production quotas are, with the latest data from a Reuters survey showing the eight members of OPEC with quotas pumped 20.276 million bpd in June, which was 6.246 million bpd below the agreed target.
Russia, the main non-OPEC member of the wider OPEC+ group, had production of 8.928 million bpd in June, according to OPEC data, which was almost one million bpd below its agreed quota.
While OPEC+’s decision to wind back voluntary production cuts carries little weight in the current market, it does highlight the challenges facing oil exporters and importers.