IEA Tracks 40 Percent Compliance Rate For Non-OPEC Deal Participants

11 Feb 2017   IEA

Two anonymous OPEC sources say that eleven of the non-OPEC nations that are part of the oil output reduction deal struck at the end of November have only made 40 percent of promised cuts, according to Reuters . The report said the sources cited numbers found in data published by the International Energy Agency. The IEA’s numbers Friday morning showed that OPEC’s supply-cut deal achieved a greater level of success—a record internal initial compliance rate of 90 percent . The Organization of Petroleum Exporting Countries (OPEC) said its members had made 92 percent of expected cuts, data released the same day showed. OPEC, Russia and other oil producers aimed to curb output by 1.8 million barrels per day during the first six months of the new year in an effort to rid global markets of a price-crashing supply glut. Part of the issue with the low compliance from outside […]

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