OPEC+ agreement to reduce oil production fulfilled by 107%

OPEC+ countries fulfilled the agreement to reduce oil production by 107% in June.

In May this agreement was fulfilled by 87%.

The source also specified that the OPEC countries have fulfilled their obligations under the agreement by 112%, while the non-OPEC countries have fulfilled their obligations by 99%.

Earlier, on July 12, it became known that Saudi Arabia and the majority of OPEC+ participants, which includes Russia, support the idea of gradual increase in oil production next month.

The parties will discuss this issue on Wednesday, July 15, at an online conference of key members of the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+.

In early March 2020, oil prices collapsed due to reduced global demand due to the economic crisis caused by the Coronavirus pandemic, as well as the collapse of the OPEC+ deal.

On April 12, OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in May-June this year, by 7.7 million in the second half of the year and by 5.8 million more until the end of April 2022. The agreement came into force on May 1 this year.