IMG.gif

Opec-Plus Achieves Output Surge

Copyright © 2022 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.

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.

Topics:
Crude Oil, Oil Supply, Opec-Plus Supply
Wanda Ad #2 (article footer)
#
There is not much that LNG powerhouse Qatar can do to alleviate Europe’s gas crisis in the short term, says the country's energy minister.
Thu, Sep 22, 2022
Trading of Russian oil — never transparent at the best of times — is being driven further underground by western sanctions.
Fri, Sep 23, 2022
Europe fears heating fuel shortages this winter as the region struggles to replace soon-to-be sanctioned Russian gasoil imports.
Fri, Sep 23, 2022