The OPEC+ compliance with the oil production cuts deal reached 116% in November, according to a fresh monthly report by the International Energy Agency (IEA) released on Tuesday, APA-Economics reports.
"As a group, the 19 members subject to supply quotas pumped 650 kb/d below target in November to turn in a compliance rate of 116%.
Effective OPEC+ spare capacity, excluding Iranian crude shut in by sanctions, stood at 5.5 mb/d," the report read, adding that Russia's compliance level increased to 96%.
OPEC + members complied with their obligations throughout the fall by 116%, and Russia by 92%.
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