MOSCOW (Pakistan Point News / Sputnik - 14th January, 2021) The OPEC member states' compliance with the oil cuts agreement last month has dropped by 2 percentage points to 102 percent as their crude oil production reached 25.36 million barrels a day (mbd) , the organization said in a monthly report on Thursday.
"According to secondary sources, total OPEC-13 crude oil production averaged 25.36 mb/d in December 2020, up by 0.28 mb/d m-o-m. Crude oil output increased mainly in Libya, Iraq and the UAE, while production decreased primarily in Nigeria, Congo and Angola. Libya's crude oil output in December rose to 1.22 mb/d, according to secondary sources," the cartel said.
The OPEC states slashed their oil production last month by 4.978 million barrels a day, according to the report.
Saudi Arabia has complied by 101 percent, the UAE by 102 percent, while Nigeria reached the conformity level of 122 percent, offsetting the shortcomings in the previous months. Iraq has showed the compliance of 95 percent, the OPEC figures indicated.
Libya, an OPEC member, is exempt from the oil cuts agreement.
