OPEC+ countries to raise oil June output quotas by 188,000 barrels per day

OPEC+ to Raise Oil Output Quotas by 188,000 bpd in June; Tatneft Eyes Higher Production

Seven key OPEC+ members—Russia, Saudi Arabia, Iraq, Kazakhstan, Kuwait, Oman, and Algeria—have agreed to raise their oil output quotas by 188,000 barrels per day (bpd) in June, according to a statement from the group. The decision is intended to provide an opportunity for participating countries to accelerate their compensation for previous production overages, the statement said.

The members also reaffirmed their intention to fully compensate for any overproduced volume since January 2024. The statement emphasized that the member states will continue to closely monitor and assess market conditions, and in their continuous efforts to support market stability, they reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause, or reverse the phase-out of voluntary production adjustments.

The new output quotas for June, excluding compensation for overproduction, are: Russia at 9.762 million bpd, Saudi Arabia at 10.291 million bpd, Iraq at 4.352 million bpd, Kuwait at 2.628 million bpd, Kazakhstan at 1.599 million bpd, Algeria at 989,000 bpd, and Oman at 826,000 bpd. The next OPEC+ meeting is scheduled for June 7.

Separately, Tatneft—one of Russia's ten largest oil companies—expects to increase its oil production this year and has the capacity to do so, according to CEO Nail Maganov. Speaking on the sidelines of the Russia-Islamic World: KazanForum, Maganov said, "We will produce as much as we are allowed to produce," noting that Russia's output is constrained by the OPEC+ agreement. "We very much hope that we will be allowed to produce more than last year. And we are capable of fulfilling this task," he added.

Tatneft's oil production totaled 27.8 million metric tons in 2025, up 1.9% year-on-year. The company's main shareholder is the Republic of Tatarstan, which holds 34% of ordinary shares; about 3% is represented by treasury shares, 13% is held in ADRs, and other shareholders own 50% of the company's shares.

Perspectives

• OPEC+ members: The quota increase is framed as a deliberate step to accelerate compensation for overproduction while maintaining caution and flexibility to adjust to market conditions.
• Tatneft CEO Nail Maganov: Expresses optimism about increasing production this year, contingent on OPEC+ allowances, and highlights the company's capacity to meet higher output targets.