Baku, Azerbaijan, Sept.13
By Leman Zeynalova – Trend:
Ten non-OPEC countries cooperating with production cuts achieved more than 100 percent compliance for the first time, the International Energy Agency (IEA) said in its September Oil Market Report.
Global oil supply fell by 720,000 barrels per day (b/d) in August due to unplanned outages and scheduled maintenance, mainly in non-OPEC countries, said the report.
“The first decline in four months cut supply to 97.7 million b/d. Compared to a year ago, output was up 1.2 million b/d as non-OPEC continued to show substantial growth,” said the IEA.
IEA analysts noted that OPEC crude output fell in August for the first time in five months, after renewed turmoil in Libya disrupted flows and others pumped less.
“Output decreased by 210,000 b/d from a 2017 high to 32.67 million b/d. The 12 members bound by OPEC's supply pact raised their compliance rate to 82 percent from 75 percent during July. For the year as whole their compliance rate is 86 percent,” said the report.
On May 25, OPEC member countries and non-OPEC parties, Azerbaijan, Kingdom of Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Sultanate of Oman, the Russian Federation, Republic of Sudan, and the Republic of South Sudan agreed to extend the production adjustments for a further period of nine months, with effect from July 1, 2017.
The reductions will be on the same terms as those agreed in November.
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