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. 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.