OPEC+ Production Rebounds

Crude oil production from OPEC and its Russia-led allies rebounded modestly in May from a steep drop in April, but remains well short of its collective quotas, highlighting the group's continuing struggles with sanctions and unplanned outages.
OPEC's 13 members pumped 28.62 million bpd in May, down 180,000 bpd from April, including major losses in Nigeria and Libya, while nine other countries partnering with the producer group added 13.08 million bpd, a rise of 300,000 bpd, led by gains in Russia and Kazakhstan, the survey found, according to the latest Platts survey by S&P Global Commodity insights.
That is a net 120,000 bpd gain in the month by the entire OPEC+ alliance.
But with production quotas rising monthly under the OPEC+ agreement, the group under-produced its target by 2.616 million bpd, with compliance at a lofty 182.5%.
Russia, targeted by western sanctions since its invasion of Ukraine in late February, has been the biggest contributor to the alliance's shortfalls, as its production has fallen significantly from prewar levels. 
However, it was able to regain some footing in May, boosting output by 150,000 bpd to 9.29 million bpd, compared to its quota of 10.549 million bpd, the survey found.