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Saudi Arabia cuts production by 860,000 bpd in October-June — IEA

The agency also reported that the countries participating in the OPEC+ agreement increased oil production by 70,000 barrels per day (bpd) in June to 37.03 mln bpd

MOSCOW, July 13. /TASS/. Saudi Arabia reduced oil production by 860,000 barrels per day (bpd) from October 2022 to June 2023 to 9.98 mln bpd, the International Energy Agency (IEA) said in its July report.

The IEA also recalled that since July, the kingdom has voluntarily reduced production by another 1 mln bpd. Thus, the volume of oil production by Saudi Arabia will fall to about 9 mln bpd, which is the lowest level for the kingdom in two years.

The IEA also reported that the countries participating in the OPEC+ agreement increased oil production by 70,000 barrels per day (bpd) in June to 37.03 mln bpd. The largest oil producers among the countries of the alliance, Russia and Saudi Arabia, kept production at the level of May - 9.45 mln bpd and 9.98 mln bpd, respectively.

The target level of production by OPEC+ countries under the deal for June was 39.57 mln bpd, while the actual production amounted to 37.03 mln bpd. Thus, lagging behind the plan reached 2.55 mln bpd.

However, the parameters of the OPEC+ deal do not take into account voluntary production cuts, which a number of OPEC+ countries, including Russia, will adhere to until the end of 2024. The total reduction volume reaches 1.66 mln bpd.

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Saudi Arabia OPEC

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