International Energy Agency: OPEC+ Boosts Oil Output in June, Production Still Lags Far Behind Targets

The International Energy Agency's monthly report revealed that OPEC+ nations increased oil production by 2.1 million barrels per day in June 2026, though output remained 7.5 million barrels per day below its target. The IEA slightly improved its global oil demand forecast for 2026, anticipating a 1.05 million barrels per day decline to 103.463 million barrels per day. Additionally, the agency adjusted its 2026 global oil production outlook, projecting a 3.65 million barrels per day reduction, bringing it to 102.60 million barrels per day.