BAKU, Azerbaijan, Nov.25
By Leman Zeynalova – Trend:
The overall compliance of OPEC+ with the oil output cut deal in October 2021 stood at 116 percent, Trend reports with reference to the International Energy Agency (IEA).
At the 22nd meeting of the ministers of the OPEC plus countries, an agreement was reached to maintain the decision adopted at the July meeting of ministers to increase the daily crude oil production by 400,000 barrels per month from August through December 2021.
The table below shows the ranking of OPEC members in terms of compliance level in October:
|
OPEC+ |
October compliance |
|
Nigeria |
297% |
|
Equatorial Guinea |
285% |
|
Angola |
253% |
|
Azerbaijan |
168% |
|
Congo |
129% |
|
Gabon |
129% |
|
Oman |
116% |
|
Kuwait |
102% |
|
Saudi Arabia |
101% |
|
Iraq |
100% |
|
UEA |
99% |
|
Algeria |
93% |
|
Russia |
92% |
|
Kazakhstan |
61% |
Iran, Venezuela and Libya are exempt from production curtailments.
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Follow the author on Twitter: @Lyaman_Zeyn