17 March 2017, Sweetcrude, Lagos — Eleven non-OPEC oil producers that joined a global deal to reduce output to boost prices delivered 64 percent of promised cuts in February, an industry source said on Friday, still lagging the higher levels of OPEC itself.
The Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers agreed to cut production by 1.8 million barrels per day (bpd) from Jan. 1 to boost prices and reduce a supply glut.
Compliance numbers were reviewed at a meeting in Vienna on Friday comprised of officials from countries monitoring adherence to agreed output levels — OPEC members Kuwait, Venezuela, Algeria plus non-OPEC Russia and Oman.
Russia plans to step up its adherence, saying on Friday that it will cut output by the full amount it had pledged — 300,000 bpd — by the end of April and will maintain that level until the deal expires at the end of June.
The meeting also discussed OPEC’s own compliance, which it put at 106 percent, in line with figures published in OPEC’s latest monthly report on Tuesday. [OPEC/M]
The panel, which met at OPEC’s headquarters in Vienna, is the Joint Technical Committee (JTC) established in January as part of efforts to monitor adherence to supply cuts.
Top OPEC producer Saudi Arabia is also a member of the JTC in its capacity as 2017 OPEC president.