Opec-Plus: Supply Grows Slower Than Agreed Tapering

Copyright © 2021 Energy Intelligence Group

The 19 countries in Opec-plus with an output quota produced 35.87 million barrels per day in August, according to Energy Intelligence’s assessment. This is 250,000 b/d more than July yet 150,000 b/d less than the 400,000 b/d in output growth that the alliance had agreed during its July meeting. Further, the aggregate output cut by the 19 countries amounted to 6.23 million, which is 873,000 b/d more than the 5.36 million b/d the group had pledged to reduce for the month. As a result, August compliance resulted in a record 116%.

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