The countries of "OPEC+" (an initiative to reduce oil production that includes OPEC and non-OPEC countries) fulfilled the agreement on reducing oil production by 523% in July of this year.

According to the information provided by "APA-Economics" referring to the monthly report of the International Energy Agency (IEA), OPEC member countries fulfilled the agreement by 359% in March, and non-OPEC countries by 800%.

Russia fulfilled the mentioned indicator by 719%.

According to the report, "OPEC+" countries increased oil production by 648 mln.

instead of increasing barrels, they increased only 570 thousand barrels.

The IEA reports that in the reporting period, daily oil production for 23 countries included in the "OPEC+" alliance was 44.25 mln.

barrels (29.05 million barrels OPEC countries, and 15.12 million barrels non-OPEC countries).

It should be noted that OPEC+ reduced daily oil production by 9.7 million barrels in May 2020 due to the decrease in oil demand caused by the coronavirus pandemic.

Then the terms of the contract were repeatedly amended.

Thus, starting from August 2021, the alliance plans to increase production by 400,000 barrels per day, 432,000 barrels per day in May-June of this year, and 648,000 barrels in July-August.