Saudi Arabia complied with the OPEC+ deal on oil production cuts by 102 percent in July, Russia by 96 percent, the International Energy Agency said Thursday in its monthly report
MOSCOW (Pakistan Point News / Sputnik - 13th August, 2020) Saudi Arabia complied with the OPEC+ deal on oil production cuts by 102 percent in July, Russia by 96 percent, the International Energy Agency said Thursday in its monthly report.
"OPEC+ supply cuts ease in August to 7.7 mb/d from 9.6 mb/d in July. If 100% compliance with the higher ceiling were to be achieved and Russia makes up for over-production during the May-July period, Saudi Arabia would ramp up crude production by 0.55 mb/d and Russia by 0.3 mb/d," the report read.
According to the IEA, Russia is expected to increase its production, "with Urals exports from Baltic and Black Sea ports set to rebound from July's record low and rise by 36% to 1.1 mb/d in August."
The Organization of the Petroleum Exporting Countries (without Iran, Libya, Venezuela) complied with the agreement by 87 percent, OPEC+ by 89 percent.
