The largest excess of the established quotas was recorded in Iraq – by 360 thousand b/d, as well as in the UAE – by 350 thousand b/d.
OPEC+ countries produced 34.43 million bpd of oil in September, while under the terms of the agreement – taking into account all the voluntary reductions of some members of the alliance – they are supposed to pump 33.7 million bpd. This was reported by the International Energy Agency (IEA) in its monthly report published on Tuesday, October 15.
Thus, the excess of the plan at the end of last month reached 720 thousand b/d. In August, the association of countries reduced oil production by 130 thousand bpd.
The production of OPEC countries participating in the agreement in September reached 21.81 million bpd, which is 680 thousand bpd above the plan. Last month, non-OPEC countries produced only 40 thousand b/d above the permitted level – 14.2 million b/d (12.62 million b/d excluding Mexico).
The largest excess of established quotas was still recorded in Iraq – by 360 thousand b/d, as well as in the UAE – by 350 thousand b/d. Overproduction in Kazakhstan, where a significant amount of oil was produced in recent months above quotas, reached 100 thousand bpd. Russia exceeded the permitted level of 140 thousand bpd.
We remind you that Saudi Arabia plans to increase oil production if the participants in the OPEC+ agreement do not implement the agreed production cuts. The Saudis have warned that prices could drop to $50 a barrel.
Source: korrespondent
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