OPEC+ countries cut oil output by 40,000 bpd in May, missed targets — IEA

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OPEC+ countries cut oil output by 40,000 barrels per day in May but still missed production targets, with actual production at 24.26 million bpd versus a target of 33.7 million bpd, according to the IEA.

According to the IEA, the target production level for OPEC+ countries voluntarily limiting oil output stood at 33.7 mln bpd in May, while actual production amounted to 24.26 mln bpd