MOSCOW, August 13. /TASS/. OPEC+ countries increased oil production in July by 260,000 barrels per day (bpd), to 34.7 million bpd, and exceeded the plan, taking into account all voluntary cuts, by 930,000 bpd, the International Energy Agency (IEA) said in its August report.

According to the IEA, the target production level of OPEC+ countries under the oil production cut agreement, taking into account voluntary cuts for July, was 33.76 million bpd, while actual production reached 34.7 million bpd. That means that, the excess in production was about 930,000 bpd.

According to the IEA the countries that exceed their production commitments the most are Iraq (by 430,000 bpd), the UAE (by 390,000 bpd), and Russia (by 250,000 bpd).

In July, Saudi Arabia increased production by 140,000 bpd, exceeding the plan by 30,000 bpd. Iraq increased production by 80,000 bpd, although it was supposed to increase the production cuts as part of compensating for overproduction.

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