In August, OPEC countries fulfilled the agreement by an impressive 103%. They increased oil production by 760,000 barrels per day to 24.05 million b/d, surpassing the June indicator.
Additionally, new quotas for reducing oil production for OPEC+ countries in the world hydrocarbon market came into effect in August. It means that the organization is ready to compensate for cartel countries and independent oil producers in order to help them cut output beyond the established quotas.
So far, the OPEC+ agreement on cutting oil production in an updated form has been applied only to Iraq, which is the second-largest oil producer. According to analysts, this country failed to comply with the terms of the agreement.
In August, the Iraqi authorities promised to lower production by an additional 400,000 barrels per day, but the realization of this plan was rather questionable. Even taking into account the established compensation, the country fulfilled the agreement only by 80% and without compensations by 118%. This had a negative impact on the overall reduction in oil production by OPEC+ countries.
