Saudi Arabia Complied With OPEC+ Cuts In July By 103% Despite Output Growth - OPEC Figures

MOSCOW (UrduPoint News / Sputnik - 12th August, 2020) Saudi Arabia's compliance with the OPEC+ oil output cut deal in July reached 103 percent even though its production last month has increased by 866,000 barrels a day, the figures from the OPEC fresh oil monthly report indicated on Wednesday.

The cartel said, citing secondary sources that Riyadh's production in July stood at 8,406 million barrels a day, while the figures provided by the kingdom itself indicate an increase in output of 995,000 barrels a day, to 8,479 mbd.

According to the terms of the OPEC+ deal, the target level of oil production for both Russia and Saudi Arabia is 8.

492 million barrels per day in the period from May to July. From August, this figure will increase by 501,000 barrels to 8.993 million barrels until the end of 2020.

At the same time, both countries, following the July 15 meeting of the OPEC+ Joint Ministerial Monitoring Committee, assured that most of the growth in their oil production in August should go to the domestic market amid reviving demand. A similar situation is expected across the whole alliance.