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OPEC + produces less than the target and its commitment rises to 117 percent
Shafaq News/ Two sources from OPEC said that OPEC + commitment to oil production cuts rose to 117 percent in November from 116 percent in the previous month, indicating that production levels are still much lower than the agreed goals.
Data showed that the commitment of the ten OPEC countries participating in the production cuts amounted to 122 percent, while the non-OPEC participating countries achieved a commitment of 107 percent, bringing the commitment of OPEC + 117 percent.
The International Energy Agency said in its December oil market report that OPEC+ cut the oil production target by 650,000 bpd last month, compared to 730,000 bpd in October.
OPEC+ data shows producers in West Africa, Nigeria and Angola, continuing to struggle to pump to the target, with Angola's compliance reaching its highest level this year at around 300%, Nigerian compliance falling 10 percentage points month-on-month to 239%, as it increased Country production slightly.
The failure of countries to meet the targets in recent years is due to a lack of investment, ongoing maintenance issues and the exodus of international energy companies.
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Data showed that the commitment of the ten OPEC countries participating in the production cuts amounted to 122 percent, while the non-OPEC participating countries achieved a commitment of 107 percent, bringing the commitment of OPEC + 117 percent.
The International Energy Agency said in its December oil market report that OPEC+ cut the oil production target by 650,000 bpd last month, compared to 730,000 bpd in October.
OPEC+ data shows producers in West Africa, Nigeria and Angola, continuing to struggle to pump to the target, with Angola's compliance reaching its highest level this year at around 300%, Nigerian compliance falling 10 percentage points month-on-month to 239%, as it increased Country production slightly.
The failure of countries to meet the targets in recent years is due to a lack of investment, ongoing maintenance issues and the exodus of international energy companies.
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