OPEC producers participating in the supply reduction agreement, which includes the non-OPEC Russia, reduced production in July by 9% more than anticipated

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28 August 2018

OPEC producers participating in the supply reduction agreement, which includes the non-OPEC Russia, reduced production in July by 9% more than anticipated

The results for the last month are compared with the compliance rate of 120% in June and 147% in May and this means that the participants are constantly increasing production.

OPEC and its allies agreed at the end of 2016 to reduce oil production from 2017 by about 1.8 million barrels per day vs the level of October 2016.

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