OPEC Member States' Compliance With Oil Cuts In August Increased To 120% - Report

MOSCOW (UrduPoint News / Sputnik - 13th September, 2021) The compliance of the OPEC member states with the oil production cuts in August increased by 5 percentage points to 120%, while their oil production grew by 150,000 barrels a day in comparison with July, the figures in the organization's report, released on Monday, indicated.

"According to secondary sources, total OPEC-13 crude oil production averaged 26.76 mb/d in August 2021, higher by 0.15 mb/d m-o-m. Crude oil output increased mainly in Iraq, Saudi Arabia, the UAE and Angola, while production decreased primarily in Nigeria," the report read.

In July, OPEC+ countries extended the oil deal until the end of 2022, increasing oil production by 400,000 barrels per day every month starting in August. The oil producing nations are currently taking 4.96 mbd off the market every month.

The countries additionally agreed to increase the baseline for oil production restrictions for Russia, Saudi Arabia, the UAE, Iraq and Kuwait from May 2022. For Iraq, the baseline will increase by 150,000 barrels per day, amounting to 4.803 million.