The OPEC+ countries have showcased a "robust" level of compliance with the oil cuts agreement in recent months, with a conformity rate of 108 percent in June, the International Energy Agency (IEA) said in a monthly report on Friday
MOSCOW (Pakistan Point News / Sputnik - 10th July, 2020) The OPEC+ countries have showcased a "robust" level of compliance with the oil cuts agreement in recent months, with a conformity rate of 108 percent in June, the International Energy Agency (IEA) said in a monthly report on Friday.
"Robust compliance with the OPEC+ output deal and steep declines from other producers, led by the United States and Canada, has cut world oil output by nearly 14 mb/d since April. If the OPEC+ cuts stay in place as agreed, global supply could fall by 7.1 mb/d in 2020 before seeing a modest recovery of 1.7 mb/d next year," the report read.
The IEA added that "record OPEC+ cuts drove most of the decline in June. The group cut crude output by nearly 2 mb/d more than in May, lifting its overall cut above 10 mb/d and boosting compliance to 108 percent from 88 percent a month earlier."
In particular, Saudi Arabia, an OPEC leader, has achieved a compliance rate of 138 percent in June, while Russia, as a leader of non-OPEC group of countries, has complied with the deal by 100 percent the same month.
