OPEC+ countries executed 89% of Agreement in July
14.08.2020
OPEC + countries have executed 89% of the plan on Agreement on the reduction of oil production in July of the current year, International Energy Agency (IEA) reports. Non-OPEC countries, joined the Agreement, have been able to reduce production much more in comparison with their OPEC partners - 92%. In July, Saudi Arabia recalled its cut of 1 million barrels per day, changes in production in other countries lead to an increase in OPEC + production by 1.3 million barrels per day. At the same time, Saudi Arabia shows a decrease of 0.7 million barrels per day, and Russia - 1.4 million barrels per day. Iraqi oil production in July amounted to 3.75 million barrels per day, down 1 million barrels per day compared to the same period last year, but this is only 85% in line with the OPEC + agreement. Baghdad has pledged to cut supplies by another 400,000 barrels per day in August and September to offset earlier overproduction. Such significant cuts from the world's top three producers will help reduce global supply by an average of 7.1 million barrels per day in 2020, while recovery will be 1.6 million barrels per day in 2021. Meanwhile, according to IEA estimates, the UAE executed the deal worst of all in July (23%), which increased production by 270 thousand barrels per day - up to 3 million barrels per day. Total production from non-OPEC countries is expected to decline by 2.8 million barrels per day in 2020 and by 5 million barrels per day in the fourth quarter of 2020 compared to the previous year.
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