Together, theSaudi Arabiathere RussiaL’IraqTHE KuwaitTHE KazakhstanL’Algeria And Oman increased their quotas “by 188,000 barrels per day” for the month of June, according to the press release published on the website of the Organization of the Exporting Countries of oil.
This increase on paper will very probably not be able to materialize in additional production: the main unexploited capacities of theOPEC+ are found in the countries of Gulf whose exports are obstructed by the blocking of Strait of Hormuzorchestrated by theIran since the beginning of the war in the Middle East.
Among the OPEC+ countries which are subject to quotas, production “fell to 27.68 million barrels per day in March”, while the addition of their quotas for that same month represented 36.73 million barrels per day, “i.e. a deficit of around 9 million barrels per day”, specifies Priya Walia, analyst at Rystad Energy.
The shock is essentially shared between Saudi Arabia, Iraq, Kuwait, and of course the United Arab Emirateswhose production will no longer be counted among that of the alliance (Iran is a member of OPEC+ but is not subject to quotas).
