OPEC increased oil production in July, exceeding their target, with Russia lagging behind on its promised compensation cuts.
The
saw its total crude oil production rise by 160,000 barrels per day bpd last month compared to June, to 41.03 million bpd, the Platts survey found. That’s 437,000 bpd over the total target for July and a jump from overproduction of 229,000 bpd in June, according to the survey. Secretariat said last month that it had received compensation plans from Iraq, Kazakhstan, and Russia for their overproduced volumes for January to June 2024. The cumulative overproduction in these six months was about 1.184 million bpd for Iraq, 620,000 bpd for Kazakhstan, and 480,000 bpd for Russia,
Oil Production Quotas Overproduction Russia Iraq Kazakhstan Compensation Oil Market Compliance
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