OPEC+ Complied With Oil Production Cuts Deal By 114% In May - IEA

OPEC+ Complied With Oil Production Cuts Deal by 114% in May - IEA

The Organization of the Petroleum Exporting Countries (OPEC) and its oil producing allies, known as OPEC+, complied with the oil production cuts deal by 114 percent in May, OPEC nations' compliance totaled 124 percent, while non-OPEC complied with the deal by 94 percent and Russia complied by 94 percent as well, the International Energy Agency (IEA) said on Friday

MOSCOW (Pakistan Point News / Sputnik - 11th June, 2021) The Organization of the Petroleum Exporting Countries (OPEC) and its oil producing allies, known as OPEC+, complied with the oil production cuts deal by 114 percent in May, OPEC nations' compliance totaled 124 percent, while non-OPEC complied with the deal by 94 percent and Russia complied by 94 percent as well, the International Energy Agency (IEA) said on Friday.

"Overall compliance with supply cuts during May remained strong at 114%, as core Gulf producers pumped below target and rates improved from non-OPEC members," IEA said in its monthly oil market report.

In May, OPEC+ total oil production increased by 320,000 barrels per day to 40.4 million barrels per day. OPEC complied with the agreement by 124 percent, while non-OPEC compliance totaled 94 percent.

"Production [in Russia] was estimated at 9.52 mb/d, down 20 kb/d m-o-m, yet still 100 kb/d above its May target," OPEC added.