OPEC+ Complied With Oil Production Cuts Deal By 114% In May - IEA
Mohammad Ali (@ChaudhryMAli88) Published June 11, 2021 | 01:25 PM
The Organization of the Petroleum Exporting Countries (OPEC) and its oil producing allies, known as OPEC+, complied with the oil production cuts deal by 114 percent in May, OPEC nations' compliance totaled 124 percent, while non-OPEC complied with the deal by 94 percent and Russia complied by 94 percent as well, the International Energy Agency (IEA) said on Friday
MOSCOW (UrduPoint News / Sputnik - 11th June, 2021) The Organization of the Petroleum Exporting Countries (OPEC) and its oil producing allies, known as OPEC+, complied with the oil production cuts deal by 114 percent in May, OPEC nations' compliance totaled 124 percent, while non-OPEC complied with the deal by 94 percent and Russia complied by 94 percent as well, the International Energy Agency (IEA) said on Friday.
"Overall compliance with supply cuts during May remained strong at 114%, as core Gulf producers pumped below target and rates improved from non-OPEC members," IEA said in its monthly oil market report.
In May, OPEC+ total oil production increased by 320,000 barrels per day to 40.4 million barrels per day. OPEC complied with the agreement by 124 percent, while non-OPEC compliance totaled 94 percent.
"Production [in Russia] was estimated at 9.52 mb/d, down 20 kb/d m-o-m, yet still 100 kb/d above its May target," OPEC added.
Recent Stories
SIU arrests robbery gang targeting bank customers
Asia Cricket Week from April 28
PSA World C'ships in May
Food Safety Authority raids hospitals' canteen across KP
US Fed's favored inflation measure accelerates in March
Kenya flood death toll since March climbs to 70: govt
Rafiq-ul-Hujajj Committee to organize 2nd training session for pilgrims in Abbot ..
Defence Minister leads Pakistan's delegation to Kazakhstan SCO moot
PRCS Chairman, Moroccan envoy discuss humanitarian relations
50pc cut in subsidy of BRT service likely: CM’s aide
Russia striking Ukraine railways to 'paralyse' army cargo: Ukraine source
Cop, suspected outlaw injured in police encounter
More Stories From Business
-
50pc cut in subsidy of BRT service likely: CM’s aide
1 hour ago -
PSX gains 771 points
2 hours ago -
Pakistan, US hold 7th TIFA meeting to strengthen trade and investment ties
2 hours ago -
Meeting held to streamline trade between Pak-Afghan , Central Asian Republics
2 hours ago -
Coca-Cola invests an additional $22 million in Pakistan
2 hours ago -
SECP Introduces SECP-XS: A swift complaint resolution platform
2 hours ago
-
SBP to announce monetary policy on April 29
2 hours ago -
London stocks hit new record peak on takeovers
2 hours ago -
Rupee sees slight recovery against US dollar
2 hours ago -
Kitchen items’ prices ease as weekly inflation falls by 1.1%
4 hours ago -
Shipping Activity at Port Qasim
5 hours ago -
Yen falls further as Bank of Japan stands pat on rates
2 hours ago