The OPEC+ Compliance With Oil Cut Deal In August Rises From 109% To 116% In August - IEA

The OPEC+ Compliance With Oil Cut Deal in August Rises From 109% to 116% in August - IEA

The OPEC+ compliance with oil output cut deal in August increased to 116% from 109% registered in July, the International Energy Agency (IEA) said on Tuesday

MOSCOW (UrduPoint News / Sputnik - 14th September, 2021) The OPEC+ compliance with oil output cut deal in August increased to 116% from 109% registered in July, the International Energy Agency (IEA) said on Tuesday.

"OPEC+ crude oil supply fell 150 kb/d in August to 41.58 mb/d, as losses from Kazakhstan, Mexico and Nigeria far offset increases driven by Saudi Arabia, Iraq and Russia. Other Gulf countries pumped slightly more as did Angola.

Overall compliance with the output pact rose to 116% from 109% the previous month, due to Kazakh maintenance and Nigerian operational issues. Nigeria, Angola and Malaysia continue to struggle with capacity declines and remain far below their targets," the IEA said in its report.

On Monday, the OPEC said in its report that the compliance of member states with the production cuts in August increased by five percentage points month-on-month to 120%.