OPEC+ countries fulfill obligation 87% in May

OPEC+ countries fulfilled the obligation on reducing oil output by 9.7 million bpd by 87% in May 2020, Report informs, citing TASS.

Thus, the countries reduced the output by 8.4 million barrels in the first month of the agreement.

A source in OPEC said that OPEC countries fulfilled the obligation by 84%, non-OPEC countries – by 92%.

According to yesterday’s report of the International Energy Agency (IEA), the OPEC+ countries fulfilled the obligation by 89%, including OPEC countries – by 86%, non-OPEC countries – by 94%.

Earlier, OPEC+ ministers discussed the issue that the output was not cut sufficiently. According to IEA, Iraq, Nigeria, Angola, Kazakhstan, and other countries could not cut the production in accordance with the quota in May. On June 6, the countries agreed to compensate for the “deficit” in July-September.

The results will be discussed at the meeting of the Ministerial Monitoring Committee (Russia, Saudi Arabia, UAE, Kuwait, Algeria, Venezuela, Iraq, and Kazakhstan) tomorrow.