Deputy PM Novak: cut oil production in July, nearly to OPEC agreed target level

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Deputy PM Novak:  cut oil production in July, nearly to OPEC agreed target level

n news outlet Interfax had the comments from Novak on Tuesday:

• "We have nearly reached it [the required level of oil output within OPEC+]. We are close to it. We have somewhat 'underperformed' the target at full volume, so to speak,"
• said that the Energy Ministry would send the OPEC Secretariat a schedule for offsetting the barrels produced above the quota going forward.
  
  Countries that have not reduced production enough as per the OPEC+ agreements will offset those volumes until the end of September 2025.
  

More here on the numbers.

Oil has traded lower in H1 of the week

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: Deputy PM Novak:  cut oil production in July, nearly to OPEC agreed target level

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