MOSCOW, September 20. /TASS/. Countries participating in the OPEC+ agreement in August 2022 lagged behind the planned oil production targets approved for this month by 3.583 mln barrels per day (bpd), a source in one of the delegations, familiar with the alliance’s report, told TASS.
According to the plan, the OPEC+ countries were supposed to bring oil production to the level of 43.854 mln bpd. Thus, the real level of production this month amounted to around 40.3 mln bpd. The ten OPEC countries participating in the OPEC+ deal lagged behind the goals by 1.399 mln bpd, and non-OPEC countries - by 2.185 mln bpd.
In July, the countries of the alliance also underfulfilled the production plan - at the time, the delay from the schedule reached 2.892 mln bpd (1.211 mln bpd - for OPEC countries, 1.681 mln bpd - for non-OPEC countries).
In July and August 2022, OPEC+ countries have agreed to increase production by 648,000 bpd, redistributing the September quota evenly against the backdrop of a forecast summer increase in oil demand due to the recovery of the global economy after the coronavirus pandemic. In August, the OPEC+ countries were supposed to restore oil output to pre-pandemic levels and lift the restrictions that the alliance agreed on in the spring of 2020.