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OPEC compliance with oil production cut agreement equals 121% in September

October 12, 2018, 12:35 UTC+3

Non-OPEC states participating in the agreement reported 37% compliance

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MOSCOW, October 12. /TASS/. OPEC member-states increased crude oil production by 100,000 barrels per day to this year’s highest level of 32.78 mln barrels in September 2018, which brings their compliance with the crude production cap deal to 121%, the International Energy Agency (IEA) said in its October report on Friday..

Non-OPEC states participating in the agreement reported 37% compliance for September.

OPEC member-states and non-OPEC oil producing nations including Russia entered into an agreement on reduction of oil production (the OPEC+ agreement) in late 2016. The agreement obliges the parties to cut production by a total of 1.8 million barrels per day in comparison with the level of October 2016. Under the agreement, Saudi Arabia and Russia had the biggest cutbacks of 486,000 barrels per day and 300,000 barrels per day, respectively.

The deal has been extended twice since then - until the end of March 2018, and later - until the end of 2018. However, it has been decided to partially restore production starting July 2018.

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