The Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on production cuts in March by 153 percent, while non-cartel members' compliance stood at 64 percent, the International Energy Agency (IEA) said Wednesday in its monthly report
MOSCOW (Pakistan Point News / Sputnik - 11th April, 2019) The Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on production cuts in March by 153 percent, while non-cartel members' compliance stood at 64 percent, the International Energy Agency (IEA) said Wednesday in its monthly report.
"So far, OPEC+ has been very effective in terms of compliance with its 1.2 mb/d supply cuts, thanks in large part to the outperformance of Saudi Arabia. In March, OPEC+ production was 290 kb/d below the target of 44.3 mb/d, for a compliance rate of 124%. However, OPEC is mainly responsible for this, with compliance at a remarkable 153% compared to 64% by the non-OPEC countries," the report read.
OPEC reduced its output in March by 550,000 barrels per day, compared to February, reaching 30.13 million barrels daily, the report said.
"If the producers deliver on their promises, the market could return to balance in 2Q19. The call on OPEC crude rises to 30.9 mb/d in 2Q19, roughly 800 kb/d more than the group produced in March," the IEA said.
