OPEC+ exceeded July oil target by 84,000 bpd, Russia by 111,000 bpd, Iraq by 321,000 bpd, Kazakhstan by 95,000 bpd - OPEC data

MOSCOW. Aug 12 (Interfax) - The 12 OPEC countries produced 26.75 million barrels of oil per day in July, 185,000 bpd more than in June, with production rising in Saudi Arabia, Iraq and Iran and falling in Libya, OPEC said in its monthly report.

Non-OPEC countries from the OPEC+ alliance produced 14.16 million bpd in July, 68,000 bpd less than in June, with production falling in Russia, Kazakhstan and South Sudan.

Russia's oil production decreased by 26,000 bpd from 9.115 million bpd in June to 9.089 million bpd in July. According to the set OPEC+ target, Russia should have produced 8.978 million bpd in July, or 111,000 bpd less. The figures published by OPEC are based on secondary sources of information. The Russian Energy Ministry said last week that in July, Russia exceeded the target set in the OPEC+ agreements by 67,000 barrels per day "due to one-off problems with the supply schedule, while the levels in August and September should make amends for this."

Iraq and Kazakhstan, which allowed the target figures to be exceeded during the first half of the year, must begin to compensate for the under-reduced volumes from July. Iraq promised to reduce production by another 70,000 bpd in July, and Kazakhstan by 18,000 bpd. But, despite the fact that Kazakhstan in July reduced oil production by 34,000 bpd compared to June, to 1.545 million bpd, this was 95,000 more than the country pledged, taking into account compensation.

Iraq even increased oil production in July compared to June, by 57,000 bpd to 4.251 million bpd, exceeding its target by 321,000 bpd.

Overall, OPEC+ countries participating in the deal increased production almost 110,000 bpd in July to 35.6 million bpd, and exceeded their commitments by 84,000 bpd, with OPEC countries increasing production 177,000 bpd and exceeding their target by 283,000 bpd, and non-OPEC countries reducing production 68,000 bpd and falling 200,000 bpd below their target, mainly due to Mexico, for which a quota has been set, established, but which is not actually participating in the deal, and its production is consistently below the quota..