OPEC+ Falls 6.4M BPD Behind Production Plan in August
Overall, the countries of OPEC involved in the deal increased oil production in August by 677 thousand barrels per day to 15.66 million barrels per day (4.846 million barrels per day below plan); non-OPEC countries reduced it by 49 thousand barrels per day to 13.973 million barrels per day (lag - 1.54 million barrels per day).
Consensus
- OPEC+ countries increased oil production in August compared to July.
- The total production increase was 628,000 barrels perday.
- OPEC+ remained 6.4 million barrels per day behind the agreed production plan.
- Iraq was the main contributor to the increase in production.
- Saudi Arabia reduced oil production in August.
- Russia reduced oil production in August.
- Iran's oil production declined in August.
- Kazakhstan exceeded its OPEC+ production quota by 189,000 barrels per day.
- OPEC+ maintained its production quotas unchanged in October.
- The production quotas for Saudi Arabia and Russia were set at 10.478 million and 9.949 million barrels per day respectively for October.
Points of divergence
- The total production in August was 29.6 million barrels per day. — kommersant
- The total production in August was 29,633 million barrels per day. — interfax
- The combined oil production of Persian Gulf countries increased by 280,000 barrels per day. — kommersant
- The combined oil production of Persian Gulf countries was 19.457 million barrels per day. — interfax
- Kuwait increased production by 49,000 barrels per day. — kommersant
- Kuwait increased production to 1.894 million barrels per day. — interfax
- UAE increased production by 54,000 barrels per day. — kommersant
- UAE increased production to 3.835 million barrels per day. — interfax
- Iran's oil production fell by 399,000 barrels per day. — kommersant
- Iran's oil production fell to 2.086 million barrels per day. — interfax
- Saudi Arabia reduced production by 75,000 barrels per day. — kommersant
- Saudi Arabia reduced production to 7.276 million barrels per day. — interfax
Coverage (2 sources)
- OPEC+ fell behind oil production plan by 6.4 million barrels per day — Коммерсантъ
- OPEC+ alliance increased oil production in August but lagged behind plan by 6.4 million b/d — Интерфакс