OPEC+ Oil Production Fell Short of Targeted Hike in June

The OPEC+ producers pumped 41.559 million barrels per day (bpd) of crude oil in June, up by 349,000 bpd from May, but lower than the 411,000 bpd monthly increase under the alliance’s output hike plan. These production figures, reported by OPEC in its Monthly Oil Market Report (MOMR) out on Tuesday, suggest what market analysts have been saying for weeks—the actual monthly production hikes are lower than the headline quota number, which spooked the market, fearing oversupply when the output hikes were first announced. OPEC-only production…