Following the results of August, the countries participating in the OPEC+ agreement slightly reduced oil production - by 20,000 barrels per day (b/d), to 35.99 million b/d, the International Energy Agency (IEA) said, Ednews informs via TASS.
Saudi Arabia reduced production by 100,000 b/d, to 8.98 million b/d. Russia maintained production at the July level - 9.48 million bpd. At the same time, Iraq increased production by 50,000 bpd, to 4.32 million bpd.
The target level of production by OPEC+ countries under the deal as of August was 39.57 million bpd, while actual production was 35.99 million bpd. Thus, the gap turned out to be 3.59 million bpd.
However, the parameters of the OPEC+ deal do not take into account voluntary production cuts, which some OPEC+ countries, including Russia, will adhere to until the end of 2024. The total reduction is 1.66 million bpd.