Oil prices are hard to fall! OPEC+ lags nearly 3 million barrels per day behind the production target

OPEC+ sources: Member countries produced 2.
9 million barrels
per day lower than the target in July.
For more than a year, the gap between OPEC+ members' total quotas and actual oil production has widened
.
While Saudi Arabia has been ramping up production in recent months, Russia has not
.

Two OPEC+ sources said Monday that daily production in OPEC+ member countries in July was below the total production target of 2.
9 million barrels
.

For more than a year, the gap between OPEC+ members' total quotas and actual oil production has been widening, with many oil-producing countries unable to increase production due to capacity and/or investment constraints, and the alliance adding more
to its monthly oil production targets.
In addition, Russia's oil production, while stable at the level of February (before the invasion of Ukraine), did not increase
as stipulated in the OPEC+ agreement.

As the leader of a non-OPEC member of the OPEC+ agreement, Russia shares the same monthly targets
as Saudi Arabia, OPEC's largest oil producer and the world's largest crude oil exporter.

However, while Saudi Arabia has been ramping up production in recent months, Russia has not
.
In addition, many OPEC+ member countries, particularly OPEC's African producers Nigeria and Angola, have been lagging significantly behind their respective quotas
.

As a result, OPEC+ produced 2.
892 million barrels per day of oil per day in July, which put a staggering 546% of the oil production per day that complied with the cuts in July, up from 320%
in June, according to sources.
100% compliance means that OPEC+ is produced
at the level specified in the agreement.

Two representatives of OPEC+ said last month that as part of the agreement, there is already a huge gap
of 2.
84 million barrels per day between the organization's actual production in June and its target production.

As OPEC+ lifts production cuts, more and more member countries are falling further behind quotas
due to lack of capacity or supply investment.

After OPEC+ decided to accelerate the reduction of production cuts and completely lift the cuts by the end of August, it is widely expected that the organization's performance will continue to fall far short of the July and August production targets
.

Brent crude oil continuous daily chart

At 14:02 Beijing time on August 23, Brent crude oil was continuously quoted at $96.
34 / barrel
.