The survey found that OPEC's oil production increased in June.
A survey found that OPEC's oil production increased in June after reaching an agreement to increase production. Saudi Arabia had the largest increase, while Iraq's production lagged behind target levels due to earlier production surpluses. The survey showed that OPEC's production in the previous month was 27.02 million barrels per day, an increase of 270,000 barrels per day from May. According to the agreement reached by 8 OPEC+ member countries regarding June production, 5 OPEC member countries - Algeria, Iraq, Kuwait, Saudi Arabia, and the UAE - will increase their production by 313,000 barrels per day before the effective reduction of 173,000 barrels per day in Iraq, Kuwait, and the UAE. The survey found that the actual increase in production for these five countries was 267,000 barrels per day, with Saudi Arabia producing 200,000 barrels per day, still below their quota. The survey found that Iraq is facing pressure to comply with OPEC+ production quotas, leading to limited production. The UAE increased production by 100,000 barrels per day, but it is still below the OPEC+ quota.
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