IMG.gif

Opec-Plus: Positive Compliance Trend Firms in September

Copyright © 2021 Energy Intelligence Group
locations/AP20065374884580-location-opec-Austria.jpg
  • Compliance among the 19 members of Opec-plus with an oil production quota amounted to 109% in September, according to Energy Intelligence’s preliminary assessment.
  • The core 10 Opec members once again pulled off a remarkable performance, mustering a compliance rate of 113% for the month, while the “non-Opec 9” were compliant for the second month in a row, our assessment shows.
  • Alliance discipline means that Opec-plus in September produced 430,000 barrels per day less than its collective quota of 37.14 million b/d, helping to keep global markets tight and propelling oil benchmarks to exceed $80.

The September compliance rate of 109% was down 7 percentage points from August as Saudi Arabia, Nigeria and Kazakhstan ratcheted up output, although all three stuck to their production cut commitments. Overall, 13 countries met their pledges, while six did not.

Demand for crude oil has exceeded supply for six quarters straight, but this will change in the first half of 2022.
Wed, Nov 24, 2021
The emergence of yet another variant of the Covid-19 virus threatens to hamper oil demand and the broader economic recovery.
Fri, Nov 26, 2021