In July, the level of execution of the OPEC+ deal turned out to be worse than expected

The OPEC+ Technical Committee said that in July the level of execution of the deal by OPEC countries was 95%, by non-OPEC countries – 96%. Thus, the OPEC countries reduced production less than they should have on obligations by 300 thousand bpd, and the non-OPEC countries – by 140 thousand bpd.

According to the previously reached agreements, the countries that did not fulfill the deal during May-July must compensate for the «shortage» in August-September. Iraq must compensate 855 thousand bpd in 3 months (per month). The country has already promised that in August and September it will additionally reduce production to its quota by 400 thousand bpd each month.

Nigeria will need to compensate for the decline in production of 340 thousand bpd, Congo – 120 thousand bpd, Angola – 130 thousand bpd, Gabon – 155 thousand bpd.