Iran says OPEC compliance with output pact increasing

5 Sep 2017   OPEC

OPEC members’ compliance with the agreement to reduce output has improved in recent months, Iran’s oil minister said on Monday, noting that unofficial talks were underway among the oil producing countries to extend the cuts next year. Under the agreement OPEC is curbing its collective oil production by about 1.2 million bpd, while Russia and some other non-OPEC producers are cutting a further 600,000 bpd until March 2018. “I think the oil market is balanced. OPEC members’ compliance with output cuts has not fallen in the last six months; it has increased,” Bijan Zanganeh was quoted as saying by the Iranian oil ministry’s news agency SHANA. The International Energy Agency said in July that OPEC’s compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying a market […]

Comments are closed.