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OPEC+ compliance with production cuts deal reaches 110% in July, says IEA

12 August 2021 12:46 (UTC +04:00)

The OPEC+ compliance with the oil production cuts deal reached 110% in July, OPEC nations' compliance totaled 116%, while non-OPEC complied with the deal by 99%, the International Energy Agency (IEA) said on Thursday, APA-Economics reports.

Russia's compliance slipped to 95%, as supplies totaled 9.58 million barrels daily after a 30,000 barrels daily month-on-month increase, the IEA added.

"OPEC+ crude supply rose 720 kb/d in July to 41.7 mb/d, up 4.3 mb/d year-on-year (y-o-y), after Saudi Arabia ended its voluntary reduction along with the group's overall May-July increase. Overall compliance with the output pact remained strong at 110%, as middle East countries pumped slightly below targets and Nigeria, Angola, and Malaysia - battling against capacity declines - struggled to approach their targets," the IEA said in its new oil market report.

The 10 OPEC nations complied with the agreement by 116% and non-OPEC compliance totaled 99%.