Reuters: OPEC+ production fell 2.9 million b/d from the target level in July

Two sources from OPEC+ said that the bloc’s production was 2.892 million barrels per day lower than its target levels in July, as sanctions imposed on some members and reduced investment by others hampered the group’s ability to increase production.

The two sources said compliance with production targets reached 546 percent in July, compared to 320 percent in June, when the supply gap stabilized at 2.84 million barrels per day.

The OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, agreed to increase production by 648,000 barrels per day in both July and August, ending production cuts of about 10 million barrels per day adopted in May 2020 to confront Repercussions of the Coronavirus pandemic.

The group agreed this month to raise production targets by another 100,000 barrels in September, under pressure from major consumers including the United States, which is keen to cool prices.