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With the gap between overall quota and actual oil production from the OPEC+ members growing for over a year, they eventually produced a reported 2.9 million barrels less than projected in the month of July. A partial reason for this is the staggering oil production of Russia, who is the leader of non-OPEC members in the OPEC+ pact, along with African countries such as Nigeria and Angola. This underperformance may lead to a significant increase in price per barrel.

OPEC+ Is Now Almost 3 Million Bpd Behind Its Production Target

< 1 minute read

With the gap between overall quota and actual oil production from the OPEC+ members growing for over a year, they eventually produced a reported 2.9 million barrels less than projected in the month of July. A partial reason for this is the staggering oil production of Russia, who is the leader of non-OPEC members in the OPEC+ pact, along with African countries such as Nigeria and Angola. This underperformance may lead to a significant increase in price per barrel.

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