OPEC+ produced 321,000 bpd below plan in August

OPEC+ countries increased oil production by 529,000 barrels per day (bpd) in August. At the same time, they were 321,000 bpd behind the plan, taking into account voluntary reductions and compensations, Report informs referring to the organization's monthly update.

In August, Russia produced 86,000 bpd below the plan, and Saudi Arabia 47,000 bpd. Mexico, which is 300,000 bpd behind the plan, Azerbaijan (-94,000 bpd) and Iraq (-30,000 bpd) also contribute to the lag.

Among the countries that produce more than the norm are Kazakhstan (282,000 bpd above the plan) and Nigeria (+50,000 bpd).

Prior to this, OPEC+ countries decided to produce 137,000 bpd more raw materials in October than the required September level.

The decision was made taking into account the stable outlook for the global economy and favourable market conditions, as evidenced by low oil reserves.