MOSCOW, February 1. /TASS/. The countries of the OPEC+ agreement in December 2021 reduced oil output by 122%, removing 4.586 mln barrels per day (bpd) from the market instead of the originally envisioned 3.759 mln bpd, according to the report of the OPEC+ technical committee.
Thus, the OPEC countries in December 2021 fulfilled their obligations by 127%, which is also an absolute record of compliance with the terms of the deal, the report said. Ten OPEC countries, reducing output under the agreement, removed 3.026 mln bpd from the market in December instead of 2.383 mln bpd stipulated by the agreement.
Meanwhile, non-OPEC countries fulfilled the deal in December by 114% of the plan. Thus, they were able to reduce production by 1.569 mln bpd in December instead of the 1.376 mln bpd stipulated in the agreement.
Several countries reduced oil output below their quotas under the deal. Saudi Arabia produced 9.945 mln bpd of oil in December instead of the 10.018 mln bpd possible under the agreement. Nigeria produced 1.317 mln bpd in December instead of 1.666 mln bpd, Angola - 1.164 mln bpd instead of 1.392 mln bpd. Congo, Equatorial Guinea, and Kuwait also did not meet their quotas.
Meanwhile, Azerbaijan produced 605,000 bpd instead of 654,000, bpd Malaysia - 415,000 bpd instead of 542,000 bpd, and Russia - 9.944 mln bpd instead of 10.018 mln bpd.