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Opec-Plus: July Compliance Slides on Saudi Upswing

Copyright © 2021 Energy Intelligence Group
The Saudi Aramco Puzzle

• No longer confined by its 1 million barrel per day unilateral pledge, Saudi Arabia cranked up oil production in July to 9.7 million b/d, overshooting its output target by 200,000 b/d, Energy Intelligence’s assessment shows. • Saudi overproduction was partially offset by Iraq’s stellar compliance, which reached an eight-month high, and a decline in output by Nigeria and Angola. • Overall compliance for the group was 107%, the lowest since January, according to our assessment, although this was anticipated as the group had clearly laid out the increases.

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