In July, OPEC reduced oil production by 836 thousand barrels per day compared with June – up to 27.3 million b/d, the organization’s report says. Production decreased mainly in Saudi Arabia (by 1 million b/d), Libya (by 52 thousand b/d) and Nigeria (by 40 thousand b/d), while Iran (+68 thousand b/d), Iraq (+40 thousand b/d) and Angola (+56 thousand b/s) increased it. According to Interfax calculations, July levels are 2.8 million b/d below the established production quotas under the OPEC+ deal. In addition to quotas, a number of countries have made voluntary commitments to reduce production. Considering these commitments, the level of oil production by OPEC countries participating in the OPEC+ agreement was 774 thousand b/d below the plan
Source: Turan News Agency