MOSCOW, July 10. /TASS/. OPEC+ participating countries, excluding Libya, Iran and Venezuela that are freed from executing the transaction, reduced crude oil production considering all voluntary output cuts by around 202,000 barrels per day to 35.499 mln barrels per day in June, according to OPEC’s July report.
Without Libya, Iran and Venezuela, which are freed from output cuts, the volume of production by countries of the alliance stood at 35.499 mln barrels per day. Considering all voluntary cuts planned for June, OPEC+ nations were to produce 35.595 mln barrels per day. Consequently, the alliance surpassed the target by around 96,000 barrels per day.
The largest volume of output reduction was in Russia last month reaching 114,000 barrels per day, though it still did not fulfill the OPEC+ plan in full, with production surpassing it by 161,000 barrels per day. Apart from Russia, Iraq (with output exceeding by 189,000 barrels per day) and Kazakhstan (by 81,000 barrels per day) produced far more oil than the plan suggested. All those countries were to present a plan to compensate for outstanding overproduced volumes to the OPEC secretariat by the end of June.
Starting the first quarter of 2024, several countries of the alliance, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 mln barrels per day to balance the market. Initially, the measure was to apply only in Q1, though later it was extended to Q2 and Q3.
Moreover, a number of OPEC+ nations, also including Russia and Saudi Arabia, voluntarily reduce oil production in the total volume by 1.66 mln barrels per day from last spring to the end of next year.