MOSCOW, August 12. /TASS/. The eight OPEC+ countries, which voluntarily cut oil production, boosted production by 308,000 barrels per day (bpd) in July instead of the planned 411,000 bpd, though their production was 371,000 bpd above the agreed plan considering excess production compensation, according to figures provided in OPEC’s August report.
The eight OPEC+ countries were to increase oil production by 386,000 bpd in July compared to June, considering obligations to compensate for excess production allowed during the period of voluntary cuts, to 31.33 mln barrels per day (mbd). However, real production rose by 308,000 bpd to 31.701 mbd. Consequently, the plan was exceeded by 371,000 bpd.
Kazakhstan was the main "violator" of the agreements in July as its output was 439,000 bpd above its quota considering compensation. The UAE produced 10,000 bpd more than the OPEC+ plan, Oman - 9,000 bpd, Russia - 17,000 bpd.
The rest of the eight countries produced less than the quotas set for July: Iraq - by 85,000 bpd, Kuwait - 6,000 bpd, Algeria - 5,000 bpd, Saudi Arabia - 8,000 bpd.