OPEC-Non-OPEC Complied With Oil Output Cut Deal By 80% In February - IEA
Fakhir Rizvi Published March 15, 2019 | 07:03 PM
Members of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers in February complied with the deal on oil output reduction by 80 percent, mainly due to "outperformance" of Saudi Arabia and other Gulf countries, the International Energy Agency (IEA) said Friday in its monthly report
"Thanks to outperformance by Saudi Arabia and its Gulf allies, those cuts are starting to work. In February, OPEC+ production was 240 kb/d [thousand of barrels per day] above the target of 44.3 mb/d [millions of barrels per day], which delivered a compliance rate of 80%," the report read.
In December, participants of the OPEC-non-OPEC oil output cut deal, which has been in force since early 2017, agreed to reduce overall production by 1.2 million barrels per day starting from 2019.
At the same time, officials from the Russian Energy Ministry and OPEC have noted that compliance calculations made by OPEC-non-OPEC countries themselves differed from IEA's. The difference is partly due to the fact that, when making calculations for some non-OPEC countries participating in the deal, the IEA, in addition to crude oil output, takes into account the production of natural gas liquids.
Recent Stories
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
More Stories From Business
-
KPT shipping movements report
36 minutes ago -
Gold rates further decline by Rs.7,800 per tola to Rs.240,900
3 hours ago -
Tesla earnings a 'moment of truth' for Musk after stumbles
5 hours ago -
Foreign exchange rates
5 hours ago -
EXCHANGE RATES FOR CURRENCY NOTES
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
7 hours ago
-
Today Gold Rate in Pakistan 23 April 2024
7 hours ago -
Tokyo shares open higher
8 hours ago -
Pakistan commends CIDCA for Continued Support in Economic Development
15 hours ago -
Macro-economic indicators start showing positive trends in country
15 hours ago -
Record London close as oil prices drop on easing Middle East fears
16 hours ago -
LCCI language courses from May 1
16 hours ago