OPEC member-states (except Iran, Libya and Venezuela) participating in the OPEC+ deal reduced oil production in July by 912,000 barrels daily to 22.6 mln barrels per day, largely on account of the voluntary production cuts by Saudi Arabia, according to the OPEC report released in August.
Ten OPEC countries were to reduce oil production by 1.273 mln barrels per day from October 2022 within the agreement framework to 25.416 mln barrels per day.
In July 2023, actual production volume of these countries stood at 22.6 mln barrels daily, which is 2.816 mln barrels per day lower than the level stipulated by the OPEC+ agreement.
OPEC+ deal parameters do not at the same time cater for voluntary oil production cuts to be observed by certain OPEC and non-OPEC countries from May 2023 until the end of 2024. Such reductions total 1.66 mln barrels per day. Furthermore, Saudi Arabia additionally reduced oil production by 1 mln barrels a day more from July to September of this year.