OPEC+ Announced significant increase in production of 26.75 mb/d compared to June

Published at: 12/08/2024 11:03 AM

This August 12, the Organization of Petroleum Exporting Countries and its 11 independent producers (OPEC+), through a report, detailed that there was an increase in production in the month of July with 26.75 mb/d, 185 thousand b/d more than in the month of June.

In this way, he reported that “according to secondary sources, the total crude oil production of the 11 members of OPEC averaged 26.75 mb/d in July 2024, 185 thousand b/d more than in the previous month.”

The real production of OPEC countries and 11 independent producers (Azerbaijan, Bahrain, Brazil, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan and South Sudan) was 21.45 mb/d in July, or 2.39 mb/d lower than the fixed quota of 23.84 mb/d.

OPEC+ sets oil production quotas for its members as part of an agreement. For this year, the total production ceiling is about 39,425 mb/d, excluding members without quotas: Iran, Libya and Venezuela, Sputnik said.

Different countries attached to OPEC+, including Russia and Saudi Arabia, apply voluntary cuts in addition to the established quotas for all participants.

After the alliance meetings on June 2, it was decided to extend the cuts of 1.66 mb/d until the end of 2025, and to gradually eliminate the additional restrictions of 2.2 mb/d starting in October.

Mazo News Team