Actual growth of OPEC+ oil production in June in light of compensations could reach 360,000 bpd - Interfax estimatesThe OPEC+ member states' total quota for June in light of compensations by those who breached the deal would reach 36.14 million barrels a day (bpd), which is 359,000 bpd more than in May, according to Interfax calculations based on OPEC's updated data.On Saturday, the eight OPEC+ member states which decided to voluntarily limit oil production by 2.2 million bpd in 2023 made a decision to increase it by 411,000 bpd, an equivalent of three monthly increases, in June.Only two OPEC+ members, Saudi Arabia and Algeria, would be able to produce oil in June in volumes established by the quotas, 9.367 million bpd and 928 million bpd, respectively. The remaining six members of the OPEC+ eight will be forced to scale back their plans for a certain amount of compensations estimated depending on the degree of their over-produced volumes in the previous months.According to the updated quotas and the latest compensations schedule, Russia's oil production plan for June is 9.05 million bpd, Iraq's plan is 3.946 million bpd, the United Arab Emirates' plan is 3.082 million bpd, Kuwait's 2.443 million bpd, Kazakhstan's 1.368 million bpd, and Oman's 760,000 bpd.Following the meeting on Saturday, the eight OPEC+ member states confirmed their intention to fully compensate for any overproduced volume since January 2024, OPEC said in a statement.The authorities of Kazakhstan said earlier that oil production in the country in March was higher than the quota established by the alliance, adding that they are negotiating with oil companies and expect to reduce it April to the necessary level taking compensations into account. (ICE ALMATY)

Fonte notizia: INTERFAX