According to the International Energy Agency’s (IEA) August report, OPEC+ countries increased oil production by 570,000 barrels per day (bpd) in July 2022, but fell 2.74 million barrels per day short of their planned production targets.
The volume of oil output by alliance members increased by 570,000 bpd in July, from 38.14 mln bpd to 38.71 mln bpd. At the same time, OPEC+ countries’ June production target was 41.45 million barrels per day. As a result, the plan’s lag reached 2.74 million barrels per day, according to TASS.
According to the IEA, Russia increased oil production (excluding gas condensate) by 20,000 barrels per day (bpd) in July compared to June to 9.8 million barrels per day. Saudi Arabia increased output by 250,000 barrels per day to 10.62 million barrels per day. According to the IEA, OPEC countries fulfilled the OPEC+ agreement by 359 per cent in July, while non-OPEC countries fulfilled it by 800 per cent.