Signatories to the OPEC non-OPEC supply cut agreement reduced production in July by 9% more than agreed, according to an official committee, Reuters reported.
The output figures for July show steadily increasing production. Output cuts were 20% more than agreed in June and 47% more in May.
Total production has been lower than the agreed levels for months as output from countries such as Venezuela, Nigeria, and Libya has declined. Â Yet, the reduction in this total deficit for June is indicative of other producers increasing output to compensate.
OPEC and non-OPEC producers agreed on June 23 to return to 100% compliance with the original cuts of 1.
8 million barrels per day (b/d) which were agreed upon in January 2017.
The monitoring committee held a conference call on August 27 with representatives from Saudi Arabia, Russia, the United Arab Emirates, Kuwait, Algeria, Venezuela and Oman.
An OPEC non-OPEC technical committee will meet again on September 11, before an OPEC non-OPEC ministerial committee meeting on September 23 in Algeria.
