OPEC Countries 105% Compliant With Deal On Oil Production Cuts In October - IEA Report

The countries of the Organization of the Petroleum Exporting Countries (OPEC) were 105-percent compliant with the deal on oil output freeze in October, a report by the International Energy Agency (IEA) showed Wednesday

MOSCOW (UrduPoint News / Sputnik - 14th November, 2018) The countries of the Organization of the Petroleum Exporting Countries (OPEC) were 105-percent compliant with the deal on oil output freeze in October, a report by the International Energy Agency (IEA) showed Wednesday.

"Increased supply from OPEC members of the Vienna Agreement saw compliance in October ease to 105%, the lowest since September 2017," the report read.

According to the report, OPEC crude output went up to 32.99 million barrels per day in October, "up 240 kb/d on a year ago."

The non-OPEC members of the production freeze deal reached a 42-percent compliance with the pact. The IEA revised the assessment of September compliance down to 32 percent.