OPEC + countries fulfilled plan to cut oil production by 95% in July
10:43 26.08.2020 1711
The level of execution of the OPEC + deal to reduce oil production in July was 95% versus 107% in June. Thus, the countries of the alliance removed 9.2 million bpd from the market in July, having fallen short of the agreement by 0.5 million bpd. The OPEC + technical committee on Monday, TASS reports summed up these results.
Separately, the OPEC countries in July fulfilled the agreement by 95% (ten cartel members are cutting production, and Venezuela, Iran and Libya are exempt from obligations). In June, the organization's countries completed the deal by 112% of the plan thanks to additional and voluntary cuts in oil production in Saudi Arabia, the UAE and Kuwait. In July, they returned to the quotas stipulated in the agreement.
Gabon remains an outsider in the agreement, which in July reduced oil production by only 3% of the plan, despite the agreement to compensate for the gap. This is followed by Congo (54% of the plan), Equatorial Guinea (66% of the plan). Iraq and Nigeria narrowed the backlog in July and met the agreement by 85% of the plan both.
The highest execution rates are in Saudi Arabia (103% of the plan) and Kuwait (101% of the plan). Countries "not OPEC" in July reduced production by 96% of the plan (in June - 98%). In particular, Russia reduced oil production by 2.409 million b / d, fulfilling the agreement by 96%.
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