OPEC Complied With Oil Output Freeze Deal By 94% In February - IEA

The Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on oil output reduction, made with non-cartel countries, by 94 percent, mainly due to "outperformance" by Saudi Arabia and other Gulf states, the International Energy Agency (IEA) said Friday in its monthly report

MOSCOW (UrduPoint News / Sputnik - 15th March, 2019) The Organization of the Petroleum Exporting Countries (OPEC) complied with the deal on oil output reduction, made with non-cartel countries, by 94 percent, mainly due to "outperformance" by Saudi Arabia and other Gulf states, the International Energy Agency (IEA) said Friday in its monthly report.

"OPEC crude oil production in February dropped by 240 kb/d, to 30.

68 mb/d, on losses in Venezuela and lower output from Saudi Arabia and Iraq. Outperformance by Saudi Arabia and its Gulf allies with supply cuts pushed OPEC compliance to 94%," the report read.

Meanwhile, the non-OPEC countries' compliance was at 51 percent, the report read.

According to the IEA data, Russia reduced oil output in February by 80,000 barres daily to 11.67 million barrels per day. Its compliance with the deal was at 36 percent.