OPEC+ Compliance With Oil Cuts In November Slightly Fell To 101% – IEA

Compliance of OPEC and non-OPEC oil producing countries with the OPEC+ production cuts last month fell by two percentage points to 101 per cent, according to the International Energy Agency (IEA).

IEA which disclosed this in a monthly report released last week, added that Russia’s compliance improved to 96 per cent.

“Apart from the UAE, which saw an 80,000 barrels a day month-on-month increase, other members taking part in cuts held output broadly steady, keeping OPEC+ compliance at a robust 101 percent in November,” the IEA added.

In particular, the compliance of OPEC member states stood at 105 per cent, while the non-OPEC members of the oil cuts agreement complied by 95 per cent, the agency reported.

Saudi Arabia complied by 100 per cent, while the United Arab Emirates (UAE) showed a conformity level of 116 per cent, presumably contributing additional cuts to offset shortcomings in the previous months.

Nigeria and Iraq, which have a steady record of non-compliance with the deal, in November showed a conformity level of 149 per cent and 99 per cent, respectively, the IEA noted.