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Opec-Plus Compliance Flies on Artificially High Target

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  • Opec-plus members under quota only managed to raise crude oil output in August by 163,000 b/d, or 485,000 b/d less than the agreed increase for the month.
  • Total output by Opec-plus 19 last month was 38.8 million b/d, which is a 3.3 million b/d short of the group’s target. Compliance, as a result, reached an astronomical level.
  • Non-Opec output was flat thanks to a joint monthly decline of 100,000 b/d by Russia and Kazakhstan.

A combination of Opec-plus' overly ambitious growth targets for the summer and members’ inability to meet production targets resulted in a historically high output shortfall of 3.3 million b/d in August. Russia accounted for 1.2 million b/d, or over a third, of the shortfall, after its crude oil output dipped by 50,000 b/d last month to 9.76 million b/d.

Topics:
Opec-Plus Supply , Oil Supply, Crude Oil
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