MOSCOW, August 12. /TASS/. Countries participating in the OPEC+ agreement, excluding Libya, Iran and Venezuela, increased oil production in July, taking into account all voluntary production reductions, by 110,000 barrels per day (bpd), to 35.609 million bpd, according to the data presented in OPEC's August report.

Excluding Libya, Iran and Venezuela, which are exempt from the deal, the alliance's production volume amounted to 35.609 million bpd. Taking into account all voluntary restrictions and compensation schedules provided for July, OPEC+ countries were supposed to produce 35.516 million bpd. Thus, the alliance produced 93,000 bpd above the target.

In July, Iraq deviated the most from the OPEC+ oil production plan producing 321,000 bpd more. In turn, Russia exceeded the plan by 111,000 bpd, and Kazakhstan - by 95,000 bpd, although both countries reduced production in July by 26,000 bpd and 34,000 bpd, respectively. These three countries are among the OPEC+ "debtors" who must make up for the uncut oil production volumes by the end of September 2025.

Starting from the first quarter of 2024, several alliance countries, including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 2.2 million barrels per day to balance the market. Initially, the measure was supposed to be in effect only during the first quarter, but then it was extended to the second and third quarters. In addition, a number of OPEC+ countries, also including Russia and Saudi Arabia, voluntarily reduce oil production by a total of 1.66 million bpd from spring 2023 to the end of 2025.