OPEC+ deal compliance reaches 108% in June
Production of OPEC+ countries in June decreased by almost 2 mln bpd compared to the previous month and reached 33.4 mln bpd. The agreement to reduce oil production this month saw 108% compliance against 89% a month earlier, according to the July report of the International Energy Agency (IEA).
“On the supply side, global oil production fell sharply in June to stand 13.7 mb/d below the April level. The compliance rate with the OPEC+ supply agreement was 108%. This includes overperformance by Saudi Arabia which cut production by 1 mb/d more than required, reducing OPEC crude output to its lowest point in nearly three decades. This solid performance by the OPEC+ group has been supplemented by substantial market-driven cuts, mainly in the United States,” the report said.
Accoridng to the report, in June Russia 100% fulfilled its quota for reducing oil production.
In total, OPEC countries in June reduced oil production by 112% of the plan, and non-OPEC countries – by 99%.