OPEC+: from reduction to volume increase

Last month, OPEC countries reduced oil production by 110,000 barrels per day, bringing the total to 27.43 million barrels per day. This is due to production cuts in Nigeria and Iraq ahead of OPEC+'s plans to gradually restore production to stabilize oil prices. The leadership of the alliance calls for strict compliance with quotas, which a number of countries continue to ignore.

Saudi Arabia and Russia, which lead OPEC+, decided to increase production by 138 thousand barrels per day this month. This decision is due to pressure to lower prices and quota violations by individual participants, including Kazakhstan. 

Nigeria reduced production by 50,000 barrels to 1.5 million barrels per day, but fires delayed the shipment of Bonny Light oil. Iraq reduced production by 40,000 to 4.15 million barrels per day, remaining above its quota. The UAE, on the contrary, increased production by 30,000, reaching 3.33 million barrels per day, also exceeding the established limits. OPEC+ is expected to approve the next stage of production growth soon.