MOSCOW, November 18. /TASS/. The total volume of OPEC+ agreement’s oil glut from May to October reached 2.346 mln barrels per day, which is roughly 160,000 barrels per day higher than the previous month, a source familiar with the internal monitoring data told TASS.
Particularly, the ‘debt’ on oil output reduction of OPEC countries amounted to 1.32 mln barrels per day by the end of October against 1.025 mln barrels per day by non-OPEC states. For example, Iraq has to compensate for 0.6 mln barrels of oil glut per day, Russia - 0.53 mln barrels per day, South Sudan - 0.3 mln barrels per day, Gabon, Nigeria and Congo - 0.2 mln barrels per day each.
The revised agreement on crude production cuts came into force in May 2020. The participating countries reduced production by 9.7 mln barrels per day until the end of July, while 7.7 mln barrels per day are to be curtailed from August till the end of this year. Russia is a major oil producer in OPEC+ with one of the largest reduction quotas.
The mechanism of inefficient reduction compensations was introduced by OPEC+ due to the failure to fully implement the agreement by some countries. According to the recommendation of the OPEC+ monitoring committee, non-compliant producers should fully compensate for the allowed oil glut by the end of 2020. The largest quotas violations were registered in May-June.