4 May 2022 14:11

OPEC+ deal compliance at 157% in March, oil production 1.45 mln bpd below plan, down 120,000 bpd from Feb

MOSCOW. May 4 (Interfax) - Compliance with the OPEC+ deal stood at 157% in March of this year, with OPEC countries posting compliance of 155% and non-OPEC countries - 161%, a source familiar with the text of the OPEC+ technical committee report told Interfax.

As such, OPEC+ countries produced 1.45 million bpd less than the permitted level in March, with OPEC countries producing 884,000 bpd less and non-OPEC countries 570,000 bpd less.

In particular, Saudi Arabia produced 106,000 bpd less, Angola 280,000 bpd less and Nigeria 383,000 bpd less.

Non-OPEC countries falling behind the plan were Russia (313,000 less), Malaysia (131,000 bpd less), and Azerbaijan (85,000 bpd less).

In March, OPEC countries participating in the deal boosted their oil production by only 12,000 bpd month-on-month to 24.180 million bpd, while non-OPEC countries reduced production by 130,000 bpd to 15.670 million bpd.

Thus, in March, OPEC+ reduced oil production by nearly 120,000 bpd month-on-month to 39.8 million bpd.