Opec-Plus Achieves Output Surge

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The 23-member Opec-plus produced 44.55 million b/d of crude oil in July, an impressive 1.08 million b/d increase on June, according to Energy Intelligence assessments. Saudi Arabia, Nigeria, Kazakhstan and Libya spearheaded the gain, with the latter three staging a rebound after temporary setbacks in June. Despite the surge, the 19 members of the alliance with a quota came up 2.8 million b/d short of their target of 41.45 million b/d for the month. Russia had the largest shortfall of 1.02 million b/d. This was not unexpected. Russia's July production target of 10.83 million b/d, is greater than its production capacity of 10.2 million b/d as assessed by Energy Intelligence. The total Opec-plus compliance rate for July was 224%, the second highest result in the 27 months that the pandemic-related production cut agreement has been in force.

Crude Oil, Oil Supply, Opec-Plus Supply
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