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OPEC+ countries fulfill oil cuts deal by 87% in May, says source

The ten OPEC countries fulfilled their quota for reducing production by 84%, and non-OPEC countries participating in the agreement by 92%, the source specified

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Russian energy ministry admits OPEC+ quotas extension if market situation allows

MOSCOW, June 17. /TASS/. OPEC+ countries participating in the agreement to reduce oil production by 9.7 mln bpd fulfilled the agreements by 87% of the plan in May, a source in OPEC told TASS.

Thus, the agreement countries reduced oil production by 8.4 mln barrels per day.

At the same time, the ten OPEC countries fulfilled their quota for reducing production by 84%, and non-OPEC countries participating in the agreement by 92%, the source specified.

The transaction compliance data prepared for today's meeting of the OPEC+ technical committee is close to the IEA assessment. The agency’s report on Tuesday provided its own estimates of compliance with the OPEC+ agreement. According to it, total implementation of the agreement in May for OPEC+ countries was 89%, for OPEC countries — 86%, and for non-OPEC countries — 94%.

Earlier, OPEC+ ministers already discussed the topic of insufficient oil cuts within the alliance. According to IEA estimates, in May, such countries as Iraq, Nigeria, Angola, Kazakhstan and others were unable to reduce oil production in accordance with the quota. At a meeting on June 6, the alliance countries agreed that the gap would be offset in July-September.

On Thursday, the current results will be discussed at a meeting of the ministerial monitoring committee, which includes eight states — Russia, Saudi Arabia, the UAE, Kuwait, Algeria, Venezuela, Iraq, and Kazakhstan.

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