MOSCOW, August 13. /TASS/. OPEC+ countries participating in the oil production reduction agreement slashed their production by 360,000 barrels per day (bpd) in July 2025 but were above the target by 1.15 mln bpd with consideration of voluntary restrictions and compensations, the International Energy Agency (IEA) said in its August report.
According to IEA data, the target production level of OPEC+ countries within the deal framework and subject to voluntary reductions and compensations totaled 34.77 mln bpd in July, while actual production reached 35.92 mln bpd. Therefore, the volume above the target was at about 1.15 mln bpd.
Saudi Arabia accounted for the bulk of oil production reduction among OPEC+ countries in July - by 280,000 bpd down to 9.52 mln bpd.
According to the IAE assessment, certain OPEC+ countries continued producing oil in volumes above agreements reached among participating countries. In particular, oil production was above the target by 400,000 bpd in Kazakhstan, 340,000 bpd in Iraq, 370,000 bpd in the UAE, and 180,000 bpd in Kuwait.