OPEC compliance rises to 115%, highest of 2017

OPEC compliance rises to 115%, highest of 2017

Baku, Azerbaijan, Dec.14

By Leman Zeynalova – Trend:

OPEC compliance with agreed cuts rose to 115 percent, the highest this year, and lifted the 2017 average to 91 percent, the International Energy Agency (IEA) said in its Monthly Oil Market Report.

“OPEC crude supply fell in November for the fourth consecutive month to 32.36 million barrels per day (mb/d), down 1.3 mb/d on a year ago. Output was lower in Saudi Arabia, Angola and Venezuela,” said the report.

This is while, OPEC said in its December Oil Market Report that in November, the cartel’s crude production decreased by 133,000 barrels per day to average 32.45 million barrels per day.

Crude oil output increased mainly in Nigeria, while production mainly declined in Angola, Saudi Arabia, Venezuela and UAE, according to the report.

Earlier, OPEC announced that it, along with several other non-OPEC producers, had reached an agreement to extend its production deal for a further nine months. This would shift the expiration date of the agreement from March to the end of 2018. The agreement is on the same terms as those agreed in November last year.

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Follow the author on Twitter: @Lyaman_Zeyn

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