OPEC+ countries in March fulfill agreements to reduce production by 157%

The countries of the OPEC+ agreement in March fulfilled the agreements on reducing oil production by 157% of the plan, Report informs citing TASS.

Oil production by OPEC+ countries turned out to be 1.45 million barrels per day below the permitted level, according to the report of the technical committee.

The permitted daily production level for the OPEC+ countries in March was 41.296 million barrels, while the real production level was lower, at 39.843 million barrels.

At the same time, the OPEC countries fulfilled the agreement by 155%, reducing production by 2.5 million barrels per day instead of the allowed 1.62 million barrels. Non-OPEC countries participating in the agreement fulfilled the agreements by 161% of the plan, reducing daily production by 1.5 million barrels instead of the allowed 0.936 million barrels.

Among the non-OPEC countries, Azerbaijan, Brunei, Kazakhstan, Malaysia and South Sudan also failed to increase production to the permitted level. Of the OPEC countries, only Kuwait managed to fulfill the OPEC+ deal by 100%, and Algeria, Angola, Congo, Equatorial Guinea, Iraq and Nigeria also demonstrated the level of oil production below the permitted values, in addition to Saudi Arabia.