OPEC+ countries must compensate for the lag in the schedule of oil production cuts by the end of September, and in the future fully fulfill their obligations without delay, said Saudi Energy Minister Prince Abdulaziz bin Salman, opening a meeting of the OPEC+ Ministerial Monitoring Committee.
According to him, the OPEC+ agreement "may have to be extended after April 2022", when it should be completed.
"It is important that we have started implementing the agreed schedule for compensating for the missing production cut. But we must leave this mechanism in the past and complete all compensation plans by the end of September, " he said.
In July, the OPEC+ agreement was fulfilled by 95%, that is, it actually managed to remove 9.2 million b/d (b/d - barrels per day) from the market. Gabon fulfilled only 3% of its obligations under the agreement. This is followed by the Congo (54% of the plan) and Equatorial Guinea (66% of the plan). Iraq and Nigeria in July reduced the backlog and fulfilled the agreement by 85% of the planned amount. Saudi Arabia has the highest execution rate (103% of the plan) and Kuwait (101% of the plan).
Non-OPEC countries in July reduced production by 96% of the plan (in June - 98%). In particular, Russia reduced oil production by 2.409 million b/d, fulfilling the agreement by 96%.
GSV "Russia - Islamic World"
Photo: Creative Commons
Based on materials from TASS