OPEC+ countries cut oil production by 1.27 million barrels per day in July

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As follows from the monthly analytical report The Organization of the Petroleum Exporting Countries (OPEC), which is part of the organization of the state, in July increased oil production by 162 thousand barrels daily (up to 28.84 million barrels per day). The countries participating in the OPEC+ deal are behind the production plan by 1.27 million barrels per day, that is, they have fulfilled the terms of the agreement to reduce production by 412%.

The document states that the demand for oil in the world in 2022 will decrease to 3.1 million barrels per day. This is 300 thousand barrels less than the forecast for daily demand presented in the OPEC report for July.

Over the past month, production volumes have grown the most in Saudi Arabia, Kuwait and the UAE. The decline was recorded in Venezuela, Angola and Libya.

On August 3, the OPEC+ states decided to increase oil production in September 2022 by 100 thousand barrels per day. Against the background of this decision, oil futures for a number of brands, in particular, Brent and WTI, began to fall in price.

On the situation in the oil market – in the material “Kommersant” “The barrel rolled back.”

Andrey Sapozhnikov

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