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OPEC+ states’ output up 0.7 mln barrels per day in July, Vienna deal’s target exceeded

Russia produced 9.58 mln barrels per day in July with 95% compliance

MOSCOW, August 12. /TASS/. OPEC+ counties participating in the crude production cuts deal increased oil output by 720,000 barrels per day in July 2021 to 41.7 mln barrels per day mainly due to Saudi Arabia, which returns 1 mln barrels voluntarily reduced back in February as part of OPEC+ agreements, the International Energy Agency said in its report obtained by TASS.

In particular, Saudi Arabia increased oil production to 9.46 mln barrels per day in July from 8.92 mln barrels per day in June. However, the country still goes beyond its oil production cut norm by 2%.

Russia produced 9.58 mln barrels per day in July (9.54 mln barrels per day in June), with 95% compliance.

Ten OPEC countries reported compliance amounting to 116% of the planned volume in July, while non-OPEC states posted 99% compliance. The countries participating in the OPEC+ agreement reported 110% compliance in July.

Crude production by OPEC members, exempt from cuts, such as Iran, Libya and Venezuela, remained unchanged in July. Particularly, Iran produced 2.5 mln barrels per day last month, Libya - 1.18 mln barrels per day, while Venezuela - 0.55 mln barrels per day.