OPEC+ Deal under performers failed to cut oil output by 2.375 mln bpd in 4 months

Moscow, Sep 17 (Sputnik) Those OPEC+ countries that previously failed to comply with the oil cuts deal did not reduce their production by about 2.375 million promised barrels per day from May to August, a source familiar with the technical committee’s latest report told Sputnik on Thursday.
“The total overproduction [of oil] by the parties to the deal from May to August amounted to 2.375 million barrels per day,” the source said.
Meanwhile, according to the reports, Iraq showed the worst compliance with the agreement and failed to cut oil output by 698,000 barrels per day.
On April 12, the OPEC+ countries agreed to reduce oil production by 9.7 million barrels per day in May and June, followed by 7.7 million per day for the year’s second half, and then 5.8 million per day until April 2022.
At the same time, all OPEC+ deal countries that had under performed so far — Iraq, Kazakhstan, Nigeria, Angola and Gabon — pledged to reach full compliance with the deal.


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