OPEC+ Fails to Ensure August Oil Output Growth Under Deal, Produced 3.4Mln Bpd less – IEA

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OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo
OPEC logo is pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria September 28, 2016. REUTERS/Ramzi Boudina/File Photo

OPEC+ has failed to ensure oil production growth necessary under the alliance’s oil output cut deal in August, producing 3.4 million barrels per day less, the International Energy Agency (IEA) said in its fresh report on Wednesday.

According to the agency, in August, OPEC+ crude oil supply rose due to “a sharp recovery in Libya and smaller increases by Middle East producers as the alliance fully reversed record cuts enforced during the 2020 pandemic.”

“Volumes from OPEC countries climbed 680 kb/d to 29.72 mb/d in August while production from non-OPEC partners fell by 170 kb/d to 14.95 mb/d. That left the group’s supply trailing 3.4 mb/d below its official target as operational issues, maintenance, capacity constraints and sanctions on Russia restricted supply,” the report read.

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