The Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on production cuts in May by 133 percent, while non-cartel producers' compliance amounted to 169 percent, the International Energy Agency (IEA) said on Friday in its monthly report
MOSCOW (Pakistan Point News / Sputnik - 14th June, 2019) The Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on production cuts in May by 133 percent, while non-cartel producers' compliance amounted to 169 percent, the International Energy Agency (IEA) said on Friday in its monthly report.
"The over-performance is mainly from Saudi Arabia and Russia. Saudi Arabia led OPEC's compliance rate to 133% while the fallout from the Druzhba pipeline contamination saw Russia's output fall by 120 kb/d ... Output from the OPEC+ countries during May was 530 kb/d below their 44.3 mb/d target, which delivered compliance of 145%," the IAE said.
"Russian crude and condensate output fell below its supply target for the first time in May, as contamination along the Druzbha line added to earlier cuts made in accordance with the OPEC+ output deal. At 11.1 mb/d, output was 125 kb/d lower than in April and 305 kb/d below the October 2018 level, achieving a compliance rate of 132%," the agency explained.
Meanwhile, non-cartel producers' compliance amounted to 169 percent, according to the IAE's estimates.
