Sam Ikeotuonye, with agency reports
Lagos — The level of compliance by the Organization of the Petroleum Exporting Countries, OPEC, and its allies, together known as OPEC+, with their production cut deal rose from 109 to 116 percent in August.
According to the International Energy Agency, IEA, on Tuesday, this follows production losses from Nigeria, Kazakhstan and Mexico.
“OPEC+ crude oil supply fell 150 kb/d in August to 41.58 mb/d, as losses from Kazakhstan, Mexico and Nigeria far offset increases driven by Saudi Arabia, Iraq and Russia. Other Gulf countries pumped slightly more as did Angola,” the agency stated.
It said overall compliance with the output deal rose to 116 percent from 109 percent the previous month, due to Kazakh maintenance and Nigerian operational issues. Nigeria, Angola and Malaysia continue to struggle with capacity declines and remain far below their targets, the IEA added.
An OPEC report on Monday stated that compliance with the production cuts by members in August rose by five percentage points month-on-month to 120 percent.