The compliance of the OPEC+ states with the oil curtailment agreement in May has stood at 89 percent, as the oil output was cut by 9.4 million barrels a day, while the OPEC+ leaders Saudi Arabia and Russia have showcased almost 100 percent compliance, the International Energy Agency (IEA) said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 16th June, 2020) The compliance of the OPEC+ states with the oil curtailment agreement in May has stood at 89 percent, as the oil output was cut by 9.4 million barrels a day, while the OPEC+ leaders Saudi Arabia and Russia have showcased almost 100 percent compliance, the International Energy Agency (IEA) said on Tuesday.
"For its part, OPEC+ got off to a strong start during the first month of its historic 9.7 mb/d supply cut. The group reduced supply during May by 9.4 mb/d versus April, to deliver a compliance rate of 89%. Saudi Arabia and Russia achieved a rate at or near 100%, while other Gulf producers came in above 90%," the IEA said in a monthly oil market report.
Some of the OPEC+ members such as Nigeria and Iraq, who failed to fully comply with the quotas, have vowed offset the shortfalls in the coming months.
