OPEC+ compliance with oil production cuts jumps to 103%
Published : Saturday, 27 February, 2021 at 5:41 PM Count : 202
Citing three representatives of the alliance, Argus said OPEC + producers complied with the 103 percent cut in oil output in January, higher than the profit expected in December.
As of December 2020, its overall loyalty to the OPEC + Alliance's core manufacturing coordination was 101 percent, OPEC + said at the end of the February meeting of the panels. OPEC said that this level of consent "reinforces the tendency for higher compliance by participating countries".
According to Argus sources, ten OPEC members agreed to 103 percent of the agreement in January 2021, while members of the Russian-led manufacturers' sub-group agreed to a 99 percent reduction compared to 99 percent. December.
The OPEC + panels estimate the rate of compliance with the average of the production estimates of six distinct secondary sources, including Argus.
Argus itself calls for OPEC + January loyalty at 104 percent, including 110 percent for ten OPEC members and 99 percent for non-OPEC producers.