OPEC countries "overdone" under the agreement on the reduction of oil production

In July, OPEC countries participating in the agreement with OPEC + fulfilled the agreement by 156%, which means a decrease in oil production of 455 thousand barrels of oil per day, which is more than was agreed.

At the same time, last month countries that are not members of OPEC fulfilled the agreement by 166%, that is, 253 thousand barrels per day more than expected.

Thus, in general, the agreement was exceeded a little more than 700 thousand barrels per day, or 159%.

It is noted that among non-OPEC countries, a significant decrease occurred due to Russia and Malaysia.

Earlier, the IEA estimated that OPEC countries fulfilled the agreement by 134% and non-OPEC by 133%.  In general, according to IEA calculations, the OPEC + agreement, which implies a decrease in oil production by 1.2 million barrels per day compared to the level of October 2018, was fulfilled by 134% in July, which suggested that OPEC + countries reduced production in July  408 thousand barrels of oil per day more than agreed.

OPEC itself reported last week that the countries participating in the deal reduced oil production by 363 thousand barrels per day more than agreed, in other words, they fulfilled the agreement by 145%.  At the same time, the largest decrease was provided by Saudi Arabia, Kuwait and Angola.

It was previously reported that OPEC + countries had extended the deadline for reducing oil production.

 

Source: mind.ua

Tags: contracts, oil, hydrocarbon production, добыча нефти, RF, foreign affairs, ОПЕК+

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