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OPEC+ countries cut oil output by 1.14 mln bpd in July to 35.9 mln bpd — IEA

The target level of production by OPEC+ countries under the deal for July was 39.57 mln bpd, while the actual production amounted to 35.9 mln bpd

MOSCOW, August 11. /TASS/. The countries participating in the OPEC+ agreement reduced oil production by 1.14 million barrels per day (bpd) in July to 35.9 million bpd. This is according to the August report of the International Energy Agency (IEA).

The alliance's biggest oil producers, Russia and Saudi Arabia, cut production this month. For example, Saudi Arabia cut production by 920,000 bpd to 9.06 million bpd as part of a voluntary cut of 1 million bpd announced for July. Russia reduced production by 50,000 bpd to 9.4 mln bpd.

The target level of production by OPEC+ countries under the deal for July was 39.57 mln bpd, while the actual production amounted to 35.9 mln bpd. Thus, the production fell short of the plan by 3.67 mln bpd.

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

In addition, Saudi Arabia is further cutting production by another 1 mln bpd from July to September, with the kingdom allowing the measure to be extended and the cut to be further increased. Russia will continue to reduce oil exports in September, but not by 500,000 bpd, as in August, but by 300,000 bpd.

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