IEA: compliance with OPEC+ deal at 121% for OPEC in Sept, 37% for non-OPEC
MOSCOW. Oct 12 (Interfax) - Compliance with the OPEC+ oil production cut deal was 121% for the OPEC signatories to the deal in September and 37% for the non-OPEC signatories.
OPEC produced 32.78 million barrels per day in September, up 100,000 bpd and the highest this year.
The IEA said that Saudi Arabia, Libya, Nigeria and the UAE fully compensated for production losses in Venezuela and Iran.
Among the OPEC countries, the biggest production increases were in Saudi Arabia (up 100,000 bpd to 10.52 million bpd) and UAE (up 70,000 bpd to 3.05 million bpd).
Among the non-OPEC countries, Russia increased production 150,000 bpd to 11.74 million bpd, Azerbaijan - up 20,000 bpd, and Kazakhstan - up 70,000 bpd.
Iran's production fell 180,000 bpd in September due to U.S. sanctions and Venezuelan output was down 20,000 bpd.
The agency said that oil supply on the market could rise further which could undermine free capacity and make the market vulnerable in the case of major disruptions in certain countries.
OPEC+ production figures for September 2018 (million bpd unless noted otherwise)
|Output benchmark||Reduction quota||Output in Sept 2018||Actual reduction||Compliance in Sept, %||Overall compliance|