OPEC+ compliance rate slips from 163% to 116%
Baku, Azerbaijan, Sept.12
By Leman Zeynalova – Trend:
OPEC compliance rate slipped from 163 percent in July to 116 percent in August, Trend reports with reference to the Oil Market Report of the International Energy Agency (IEA).
To date, support for the OPEC+ agreement rate has been high, but ahead of the meeting data for August show the compliance rate slipping to 116 percent, reads the report.
IEA said that in August, three major countries Russia, Nigeria and Iraq, produced 0.6 mb/d more than their allocations.
Saudi Arabia, on the other hand, produced 0.6 mb/d less than allowed, and it is clearly the lynchpin of the whole deal, according to the report.
“A reminder to the producers that competition for market share is getting tougher comes from preliminary data showing that in June the US momentarily overtook Saudi Arabia and Russia as the world’s number one gross oil exporter,” said the IEA.
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