The OPEC+ compliance with the oil production cuts deal reached 110% in July, OPEC nations’ compliance totaled 116%, while non-OPEC complied with the deal by 99%, the International Energy Agency (IEA) said on Thursday.
“OPEC+ crude supply rose 720 kb/d in July to 41.7 mb/d, up 4.3 mb/d year-on-year (y-o-y), after Saudi Arabia ended its voluntary reduction along with the group’s overall May-July increase. Other Gulf countries delivered modest increases as did Angola, Russia and Iran, which is not subject to cuts. Overall compliance with the output pact remained strong at 110%, as Middle East countries pumped slightly below targets and Nigeria, Angola and Malaysia – battling against capacity declines – struggled to approach their targets,” the IEA said in its new oil market report.
The 10 OPEC nations complied with the agreement by 116% and non-OPEC compliance totaled 99%.
“Output of crude from OPEC rose 720 kb/d in July to 26.68 mb/d, with Saudi Arabia accounting for three-quarters of the increase. Crude flows from the group’s non-OPEC countries (including Russia) held steady at 15 mb/d,” the IEA continued.
Russia’s compliance slipped to 95%, as supplies totaled 9.58 million barrels daily after a 30,000 barrels daily month-on-month increase, the IEA added.