MOSCOW (Pakistan Point News / Sputnik - 17th March, 2021) The compliance of the OPEC+ alliance with the oil cuts agreement last month stood at 112 percent with the OPEC members in the deal achieving compliance of 125 percent, the International Energy Agency (IEA) said in a report on Wednesday.
In particular, Saudi Arabia's compliance with the oil cuts reached 125 percent as the country has pledged to deliver additional voluntary cuts of 1 million barrels a day (1 mbd) in an effort to balance the energy market, the figures in the IEA monthly report indicated.
Iraq's compliance reached 96 percent, while Russia complied by 93 percent in February, according to the agency.
However, Russian Deputy Energy Minister Pavel Sorokin said on Tuesday that Moscow's compliance with the OPEC+ oil cuts stood at 100.7 percent last month.
At the same time, the oil production by OPEC members in February fell by 760,000 barrels a day month-on-month, to 24.75 mbd, the IEA said.
