In July 2023, the actual production volume of these countries was 22.6 million barrels per day, which is 2.816 million barrels per day less than the level set by the OPEC+ agreement.
The OPEC+ deal parameters do not meet voluntary oil production cuts to be undertaken by some OPEC and non-OPEC countries from May 2023 to the end of 2024 at the same time. Such reductions total 1.66 million barrels per day.
In addition, Saudi Arabia further cut oil production by 1 million barrels per day from July to September this year.