According to an OPEC report released in August, OPEC member-states (excluding Iran, Libya, and Venezuela) participating in the OPEC+ deal lowered oil production in July by 912,000 barrels per day to 22.6 million barrels per day, owing mostly to Saudi Arabia’s voluntary production cuts.
Within the parameters of the deal, ten OPEC members were to reduce oil output by 1.273 million barrels per day from October 2022 to 25.416 million barrels per day. In July 2023, the actual production volume of these countries was 22.6 million barrels per day, which was 2.816 million barrels per day less than the OPEC+ agreement’s level.
The specifications of the OPEC+ agreement do not account for voluntary oil production cutbacks to be observed by certain OPEC and non-OPEC countries from May 2023 to the end of 2024. These reductions amount to 1.66 million barrels per day. Furthermore, from July to September of this year, Saudi Arabia lowered oil production by 1 million barrels per day.
