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OPEC increases oil production in August, fulfills OPEC+ obligations by 121%

OPEC+ countries have been increasing production since May

MOSCOW, September 13. /TASS/. OPEC countries in August 2021 increased oil production by 0.15 mln barrels per day (bpd) to 26.76 mln bpd, according to the September OPEC report. At the same time, the terms of the deal to cut oil production in August were fulfilled by 121% of the plan against 115% a month earlier.

So, according to the report, in August oil production by Saudi Arabia (the largest oil producer in OPEC) amounted to 9.5 mln bpd (an increase by almost 70,000 bpd against July). OPEC+ countries have been increasing production since May. Iraq increased oil production by 90,000 bpd to 4.1 mln bpd in August, the UAE - by 55,000 bpd to 2.8 mln bpd, and Angola - by 43,000 bpd to 1.1 mln bpd. Oil production declined in August in Nigeria - by 114,000 bpd to 1.27 mln bpd, and in Congo - by 14,000 bpd to 249,000 bpd.

The OPEC+ agreement to cut oil production involves 10 of the 13 members of the OPEC, as Iran, Libya, and Venezuela are exempt from restrictions. In August, the production of the parties to the deal amounted to 22.59 mln bpd against 23.286 mln bpd as stipulated by the terms. In total, in August, the ten countries from OPEC were able to remove from the market 4.1 mln bpd to the base level in the agreement instead of 3.397 mln bpd. Thus, the terms of the deal were fulfilled by 121%.

OPEC countries, under the current rules, are increasing oil production by 400,000 bpd per month, this plan will remain in force until October. The decision for November will be taken at the ministerial meeting on October 4.