MOSCOW, August 12. /TASS/. OPEC countries in July increased oil production by 0.64 mln barrels per day (bpd) to 26.7 mln bpd, according to the August OPEC report. At the same time, the terms of the deal to cut oil production in July were fulfilled by 115% of the plan against 120% a month earlier.
Thus, according to the report, in July oil production of Saudi Arabia, the largest oil producer in OPEC, amounted to 9.4 mln bpd (an increase of almost 0.5 mln bpd against June). OPEC+ countries have been increasing production since May, also Saudi Arabia was coming out of the voluntary restrictions until the end of July, which it adhered to since February.
Currently, 10 out of 13 OPEC members participate in the OPEC+ agreement to cut oil production, as Iran, Libya, and Venezuela are exempt from restrictions. In July, the production of the parties to the deal amounted to 22.5 mln bpd against 23.03 mln bpd as stipulated by the terms. In total, in July, the ten OPEC countries were able to remove 4.19 million bpd from the market against the base level in the agreement instead of the required 3.65 mln bpd. Thus, the terms of the deal were fulfilled by 115%.
Iraq, Nigeria, Kuwait, and the United Arab Emirates also increased oil production in July.