OPEC countries slash oil production by 912,000 bpd
OPEC member-states (except Iran, Libya and Venezuela) participating in the OPEC+ deal reduced oil production in July by 912,000 barrels per day (bpd) to 22.6 million barrels per day, largely on account of the voluntary production cuts by Saudi Arabia, according to the OPEC report released in August, BSS reports quoting Russian news agency TASS.
Ten OPEC countries were to reduce oil production by 1.273 million bpd from October 2022 within the agreement framework to 25.416 million bpd.
In July 2023, actual production volume of these countries stood at 22.6 million bpd, which is 2.816 million bpd lower than the level stipulated by the OPEC+ agreement.
OPEC+ deal parameters do not at the same time cater for voluntary oil production cuts to be observed by certain OPEC and non-OPEC countries from May 2023 until the end of 2024. Such reductions total 1.66 million bpd.
Furthermore, Saudi Arabia additionally reduced oil production by 1 million bpd more from July to September of this year.
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