MOSCOW, October 15. /TASS/. OPEC+ countries’ oil production fell by 130,000 barrels per day (bpd) in September 2024, though exceeding the OPEC+ target considering voluntary cuts by 720,000 barrels per day, the International Energy Agency (IEA) said in its October report.

The targeted level of OPEC+ output within the agreement considering voluntary adjustments in September stood at 33.7 mln barrels per day (mbd), while real production reached 34.43 mbd, which brings the overrun to around 720,000 bpd, according to the agency.

Among the countries exceeding their production commitments the most are Iraq (by 360,000 bpd), the UAE (by 350,000 bpd), Russia (by 140,000 bpd), and Kazakhstan (by 100,000 bpd), according to the IEA.

Eight OPEC+ nations, including Russia and Saudi Arabia, have been voluntarily reducing output by 2.2 mln barrels per day since Q1 2024. Since October 2024, those countries have planned to start gradual restoration of oil production, though the increase in output has been postponed until December 2024. Moreover, a number of OPEC+ states, also including Russia and Saudi Arabia, have been voluntarily reducing output in the total volume of 1.66 mln barrels per day from the spring of 2023 to the end of 2025.

Meanwhile three more countries that did not fully carry out their output reduction commitments, including Russia, Iraq and Kazakhstan, are to compensate gradually for insufficiently reduced production volumes by September 2025.