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OPEC+ records lowest oil production in 11 months
Economic 2024/07/11
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The Platts OPEC+ monthly survey, released in July, showed that the OPEC+ alliance, led by Iraq and Russia, witnessed a significant decline in oil production during the month, recording its lowest level in 11 months.
According to the Platts OPEC+ survey by S&P Global Commodity Insights, the OPEC+ alliance cut its oil production by 130,000 barrels per day in June, to 40.87 million barrels per day.
This decline comes at a time when the alliance is close to fully complying with the established production quotas.
In this context, Iraq reduced its production by 60,000 barrels per day, to reach 4.22 million barrels per day, while Kazakhstan increased its production by 50,000 barrels per day, to reach 1.54 million barrels per day.
On the other hand, Russia, one of the largest non-OPEC producers, reduced its production by 140,000 barrels per day, to 9.1 million barrels per day in June, the lowest level of production since September 2020. However, Russia still exceeds its specified quota of 8.98 million barrels per day.
An Iraqi official said that the Iraqi delegation is currently holding discussions with the OPEC Secretariat regarding the required compensation plans, and Russia has not yet commented on its compensation plan.
Compensation plans were expected to be submitted by the end of June, with the overproduction compensation due by September 2025.
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