13 Sep 2017 13:37
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 |
| Algeria | 1.09 | -0.05 | -0.03 | 58% | 63% |
| Angola* | 1.75 | -0.078 | -0.06 | 78% | 129% |
| Ecuador | 0.55 | -0.026 | -0.01 | 31% | 69% |
| Equatorial Guinea | 0.14 | -0.012 | -0.02 | 167% | 132% |
| Gabon | 0.2 | -0.009 | -0.01 | 133% | 15% |
| Iran | 3.71 | 0.09 | 0.11 | - | |
| Iraq | 4.56 | -0.21 | -0.08 | 39% | 38% |
| Kuwait | 2.84 | -0.131 | -0.14 | 105% | 100% |
| Qatar | 0.65 | -0.03 | -0.04 | 127% | 118% |
| Saudi Arabia | 10.54 | -0.486 | -0.54 | 112% | 122% |
| UAE | 3.01 | -0.139 | -0.1 | 74% | 53% |
| Venezuela | 2.07 | -0.095 | -0.05 | 49% | 11% |
| Total OPEC | 31.11 | -1.176 | -0.97 | 82% | 86% |
| Azerbaijan | 815 | -0.035 | -0.078 | 223% | 103% |
| Kazakhstan | 1.778 | -0.02 | -0.054 | 268% | na |
| Mexico | 2.4 | -0.1 | -0.17 | 170% | 94% |
| Oman | 1.02 | -0.045 | -0.043 | 95% | 96% |
| Russia | 11.597 | -0.3 | -0.316 | 105% | 74% |
| Other (Bahrain, Brunei, Malaysia, Sudan, South Sudan) | 1.207 | -0.046 | -0.018 | -39% | -8% |
| Total non-OPEC | 18.816 | -0.546 | -0.642 | 118% | 68% |