In July 2019, OPEC members’ daily output dropped by 190,000 barrels to 29.71 million barrels, Report informs referring to the International Energy Agency (IEA).
According to the agency, the most decrease in eth production was recorded in Saudi Arabia. Iran and Venezuela, which were exempted from the terms of the Vienna agreement, are rapidly decreasing the production as a result of sanctions by the US. In July Iran reduced the daily output by 50,000 barrels to 2.23 million barrels, Venezuela – by 60,000 barrels to 00.81 million barrels.
According to IEA calculations, 11 OPEC countries, who are participating in the output cut deal, fulfilled the commitment by 119% in July, non-OPEC countries – by 107% on the account of Azerbaijan and Kazakhstan. Since early 2019, the OPEC+ countries fulfilled the commitments by 115%.
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