OPEC failed to fully increase production under the deal in August

MOSCOW, September 13 – PRIME. OPEC oil production in August increased by 618 thousand barrels per day compared to July, to 29.65 million barrels per day, however, the countries of the organization were not able to provide all the growth necessary under the OPEC + deal, without reaching 1.4 million barrels per day. day for a complete exit from the cuts announced two years ago, follows from the organization’s report.

The expert estimated how much OPEC + can cut production

“According to secondary sources, the total oil production of 13 OPEC countries in August 2022 averaged 29.65 million barrels per day, up 618 thousand barrels per day compared to last month. Oil production increased mainly in Libya and Saudi Arabia, and decreased in Nigeria,” the report says.

As follows from OPEC data, in relation to October 2018 (the reference point in the OPEC+ oil production cut deal), the organization reduced production by 1.4 million barrels per day, while it should have completely exited from the remaining ones announced in May 2020 abbreviations.

OPEC+ cut oil production by 9.7 million barrels per day in May 2020 due to a drop in oil demand caused by the coronavirus pandemic. Then the terms of the agreement were repeatedly adjusted, and in August the alliance moved to the final stage of exiting its cuts. Under the terms for September, OPEC+ increases production by 100 thousand barrels per day, but in October it reduces by the same volume and returns to August parameters.

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At the same time, a number of OPEC+ countries, due to a natural decline in production, technical issues or external restrictions, cannot increase production to the level allowed to them. Difficulties, in particular, arose in Nigeria, Equatorial Guinea, Congo, Angola.


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