Baku, Azerbaijan, Aug. 9
By Sara Israfilbayova – Trend:
OPEC countries produced 29.71 million barrels per day in July 2019, while in June this figure stood at 29.9 million barrels, Trend reports referring to the International Energy Agency (IEA).
According to the report, the OPEC+ deal in July was executed at 134 percent overall.
In July, OPEC countries reduced production compared to June by 190,000 barrels per day, while production in countries not included in the deal fell by 130,000 barrels per day.
In late 2018, OPEC and a number of countries outside this organization (OPEC+ format) decided to modernize the terms of the agreement on the reduction of oil production, in force from the beginning of 2017. The countries agreed to reduce the total production by 1.2 million barrels per day from the level of October 2018.
On July 2, 2019, it was decided in Vienna to extend the agreement on reducing oil production by OPEC member and non-member states until the end of the first quarter of 2020.
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