MOSCOW (Pakistan Point News / Sputnik - 20th October, 2020) OPEC+ countries' compliance with oil production cuts of 102 percent in September was the highest since May, as the previously underperforming parties to the deal further reduced production by 249,000 barrels per day, the OPEC+ said in a communique following the joint ministerial monitoring committee's meeting in Monday.
"The Committee reviewed the crude oil production data for the month of September 2020 and welcomed the positive performance in the overall conformity level for participating OPEC and non-OPEC Countries, at 102 per cent, which is considered the highest since May 2020 (excluding the voluntary adjustments in June 2020 by Saudi Arabia, Kuwait and the UAE). Moreover, countries compensated in September 2020 a total of 249 tb/d to make up for previously overproduced volumes," the cartel said.
The committee also urged all participants to achieve full compliance and compensate for previous shortfalls under plans through December.
"In this manner, all participating countries were encouraged to increase their efforts to compensate for overproduced volumes in order to achieve the objective of market rebalancing and avoid undue delay in the process," it said.
