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OPEC + is trying to get additional production cuts from countries that once again failed to comply with the plan signed in June. Accordingly, this could reduce the planned increase in deliveries next month by about 2 million barrels per day.
Following an online meeting on Tuesday, the committee outlined that countries such as Kazakhstan, Iraq and Nigeria should cut back 842,000 bpd next month and in September, in order to fulfill their parts on the reduction agreement. Led by Russia and Saudi Arabia, delegates stated that such an option would be discussed without fail, moreso since in August, it is expected that the restriction on reduction will be eased, in the hopes that global demand for fuel will gradually recover.
The desire of Russia and Saudi Arabia to ensure that OPEC + monitors and stops the frauds of those countries that do not clearly fulfill the terms of the treaty is very noticeable.
"Due to the fact that during the previous two months, Nigeria, Angola, Iraq and Kazakhstan, did not comply with all these rules, they need to comply with excessive requirements now to compensate for their missed cuts," said Amrita Sen of Energy Aspects.
Last month, the countries who failed to comply with the agreement in May agreed to compensate their reductions by another 1.26 million bpd. But the technical committee noted that those countries that increased their cuts in June under the additional compensation plan again failed to achieve the planned target. Data from the technical committee showed that last month, production exceeded 380,000 bpd.
"The move to higher production coincided with the move to restrictions in densely populated areas in the United States," said Louise Dickson of Rystad Energy. "There's nowhere to get an oil surplus if people are again ordered to sit at home," Dickson added.
But on Tuesday, OPEC + published a monthly report which proves that although the economic downturn continues, the cartel claims that the easing still pays off. An increase in oil demand is expected, which may even exceed all expectations by 2021.
"They see a recovery in demand, like all of us," Amrita Sen said. "It's time to start ramping up production, but gradually, of course."
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