MOSCOW, July 1. /TASS/. Eight OPEC+ countries, which voluntarily cut oil production, are to boost their output by 411,000 barrels per day (bpd) in July, as in previous two months. This output growth volume is equivalent to the initial three-month plan to quit voluntary cuts.
Among countries that committed to voluntary adjustments to their production plans are Russia, Saudi Arabia, Iraq, the UAE, Kazakhstan, Algeria, Oman, and Kuwait. Since the beginning of 2024, these countries have voluntarily reduced production by a total of 2.2 mln bpd.
They started increasing production gradually in April. However, in April, those nations adhered to the initially adopted plan, approving a rise in production by 138,000 bpd, whereas for May, June and July it was decided to accelerate boosting the production in the amount of 411,000 bpd each month.
Those agreements do not take into account the obligations of seven out of eight OPEC+ countries to compensate for excess oil production allowed during the period of voluntary reductions. Algeria was the only country that fully implemented the entire output reduction plan.
In July, the compensation schedule suggests the volume of additional output reduction at 455,000 bpd. According to TASS calculations, real allowed growth of OPEC+ production may reach 386,000 bpd in July.
Eight OPEC+ members will discuss the oil output plan for August during an online meeting on July 6.