OPEC+ pumps 321,000 bpd below plan in August

OPEC+ members increased oil output by 529,000 barrels per day (bpd) in August but still produced 321,000 bpd below agreed targets, the group’s monthly report showed on Thursday.

Russia underproduced by 86,000 bpd, Saudi Arabia by 47,000 bpd, while Mexico, Azerbaijan (–94,000 bpd) and Iraq (–30,000 bpd) also lagged. Kazakhstan exceeded its quota by 282,000 bpd and Nigeria by 50,000 bpd.

OPEC+ has decided to produce 137,000 bpd more crude in October than required in September, citing stable global economic prospects, favourable market conditions and low inventories.

 OPEC+ brings together OPEC members and allies led by Russia. The alliance has struggled with uneven compliance, with some producers unable to meet quotas while others overproduce, affecting global supply balances and oil prices.

N.Tebrizli