OPEC production cut compliance at 82% in Aug, non-OPEC - 118% - IEA
MOSCOW. Sept 13 (Interfax) - Compliance by OPEC countries with the oil production cut agreement was 82% in August, while the non-OPEC countries who are party to the agreement had 118% compliance, the International Energy Agency (IEA) said in a monthly report.
It was the first time compliance by the non-OPEC countries has exceeded 100%, the IEA said.
According to Interfax calculations based on data published by OPEC on Tuesday, OPEC compliance was at 95% in August. The main source of the disparity between the IEA and OPEC figures is Venezuela, whose compliance was just 49% according to the IEA but 160% according to OPEC (production cut by 150,000 bpd).
Production cut compliance by country (oil volumes in mln bpd):
|Country||Production benchmark||Reduction quota||Reduction, Aug 2017||Compliance in August||Average compliance in 2017|
|Other (Bahrain, Brunei, Malaysia, Sudan, South Sudan)||1.207||-0.046||-0.018||-39%||-8%|