IEA: If OPEC+ maintains voluntary production cuts, production is expected to decrease by over 700,000 barrels per day this year.

On July 11th, Jin10 News reported that the International Energy Agency (IEA) estimates that if OPEC+ maintains voluntary production cuts, the group’s daily production is expected to decrease by 740,000 barrels this year. IEA said that it will adjust its supply forecasts for OPEC+ when the group confirms the cancellation of some voluntary production cuts. Currently, OPEC and its allies have agreed to extend voluntary production cuts of 2.2 million barrels per day until the end of September, and stated that their goal is to gradually lift the production cuts between October this year and September 2025, depending on market conditions. In addition, Russia’s crude oil exports in June decreased by 160,000 barrels to 7.6 million barrels per day, and commercial revenue decreased by 190 million US dollars from the previous month to 16.7 billion US dollars. Russia’s crude oil supply in June remained relatively stable at 9.22 million barrels per day, but was still 240,000 barrels per day higher than the target set by OPEC+. IEA stated that the production of 18 member countries limited by quotas in June was 580,000 barrels per day higher than the implied target of 33.85 million barrels per day.