OPEC+ nations participating in oil production cuts fell short of their targets in May 2026, producing 9.44 million barrels per day less than planned, according to the International Energy Agency (IEA). Kazakhstan was the only major producer to exceed its quota.
China's crude oil production rose 1.1% to 91.31 mln metric tons in January-May 2026. However, crude oil processing volumes in May fell 9.1% year-on-year. Natural gas production increased 1.7% in the same period, while coal output declined.
Southeast Asia is preparing for an extreme El Nino, expected by the WMO to emerge before August and last until November. This, combined with high energy, transport, and food costs linked to the Iran war, poses significant risks to the region's agricultural sector, particularly rice and palm oil, potentially triggering inflation and political instability.
US President Trump vows to seize Iranian oil facilities as the conflict escalates. Iran claims US strikes render a ceasefire meaningless, while regional tensions rise with attacks on Kuwait, Bahrain, and Jordan. EU and UN call for diplomatic solutions.
US President Trump vowed to seize Iranian oil facilities and conduct "more bombing" as strikes escalated. Iran called the US attacks a "flagrant violation" rendering a ceasefire "meaningless." Three Indian sailors died in a US strike off Oman.
Russia's oil production in May was 9,000 bpd lower than April, reaching 9.009 million bpd. This output was 690,000 bpd below its OPEC+ target, considering voluntary cuts.
OPEC+ members including Saudi Arabia, Russia, and Iraq will increase total oil production by 188,000 barrels per day in July. This decision comes amid ongoing supply concerns due to the US/Israel-Iran conflict and the closure of the Strait of Hormuz, with experts predicting a slow return to normal supply levels.
Russia's Deputy Prime Minister Alexander Novak confirmed a dip in oil production due to unscheduled refinery repairs, marking the first such public admission. This comes as Ukraine intensifies drone attacks on Russian energy infrastructure, disrupting operations and pushing Moscow to maximize crude exports.
Russia anticipates reaching its OPEC+ oil production quota of 9.762 million barrels per day this year, according to Deputy Prime Minister Alexander Novak at the St. Petersburg International Economic Forum.
Russian Energy Minister Novak stated oil production is slightly below year-start levels due to unscheduled refinery maintenance. He assured a stable domestic fuel market and noted the global energy crisis is unprecedented, exacerbated by Middle East conflicts.
Russian Deputy Prime Minister Alexander Novak stated that oil production in Russia is currently lower than at the start of 2026, speaking at the St. Petersburg International Economic Forum (SPIEF-2026).
Russia's oil production is currently slightly lower than at the beginning of the year due to unplanned refinery maintenance. Deputy Prime Minister Alexander Novak stated that production will increase as refineries resume operations, reaching previous levels.
ExxonMobil is reportedly in negotiations to resume oil production in Venezuela after a 20-year absence. The potential deal, which could be finalized this month, involves up to six oil fields. This move is influenced by rising global oil prices due to the Middle East conflict and strategic pressure from competitor Chevron's expansion in Venezuela.
Russia's oil production is projected to remain at 511 million tons in 2026, matching 2025 levels, with a potential rise to 516 million tons in 2027, according to the ministry's baseline scenario.
OPEC reports a 30% drop in oil production since late February due to the Iran war, with April output falling by 1.7 million bpd. Demand growth forecasts are lowered to 1.2 million bpd. Contrasting views emerge as IEA predicts a 420,000 bpd demand fall in 2026, citing supply constraints from the Hormuz blockade, despite producers' mitigation efforts.
Russia's crude oil production decreased by 107,000 bpd to 9.057 mbd in April 2026, falling 580,000 bpd short of its OPEC+ target, considering voluntary cuts.
OPEC oil production dropped to a 35-year low of 20.18 million barrels per day in April 2026, largely due to a 45% decline in Persian Gulf countries' output since the Middle East conflict began, according to the International Energy Agency.
OPEC+ countries produced 26.9 million barrels per day in April, missing their 36.15 million bpd target by 9.25 million bpd, with significant shortfalls in Iraq, UAE, Saudi Arabia, Russia, and Kuwait, while Kazakhstan, Oman, and Algeria exceeded targets.
Under the baseline scenario, the ministry expects production to rise to 516 mln tons in 2027
The largest disruption on the oil market in history entailed a spike in gasoline, jet and diesel fuel prices
Iraq previously slashed oil production due to overflowing storage facilities and problems with exports through the Strait of Hormuz caused by the conflict surrounding Iran
Iraq had previously cut oil production due to overflowing storage facilities and export issues through the Strait of Hormuz caused by the Iranian conflict
OPEC+ member countries including Russia and Saudi Arabia will discuss oil production plans for June at a monthly online meeting on May 3. Seven key OPEC+ countries agreed in principle to increase production by 188,000 barrels per day against May levels, not including the UAE, which announced its withdrawal from OPEC and OPEC+ effective May 1.
The UAE's decision to withdraw from OPEC and OPEC+ on May 1, 2026, is expected to spark a price war as the nation seeks to increase production. Expert Olzhas Baidildinov suggests this move reflects frustration over market share constraints amid rising global oil prices.
