Opec-Plus: Focus Moves From Compliance to Capacity

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  • The Opec-plus producers group scored a record compliance rate of 120% in December, Energy Intelligence’s assessment shows.
  • Non-Opec, led by heavyweight Russia, was instrumental in achieving the month’s high compliance rate.
  • If in 2020-21 the alliance’s chief concern was compliance, in 2022 this is poised to shift to capacity as more members encounter limits at the wellhead.

Opec-plus achieved a record compliance rate in December, the 20th month of its historic output reduction agreement aimed at combating oversupply that resulted from the Covid-19 demand collapse. A large reason for the success was Russia, which had a 107% compliance rate for the month now that it has run into upstream limitations.

Crude Oil, Oil Supply, Opec-Plus Supply
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