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Shafaq Yus/ Reuters reported on Saturday that the Organization of Petroleum Exporting Countries (OPEC) pumped 28.54 million barrels per day during the month of last March, an increase of 90,000 barrels per day compared to February, but less than the increase of 253,000 barrels per day stipulated in its agreement with Allies including Russia.
A Reuters survey found that the 10 OPEC members were pumping much less than called for in the agreement, and that OPEC's compliance with the pledged cuts was 151 percent, compared to 136 percent in February.
The survey witnessed that Iraq recorded a smaller increase of 30 thousand barrels per day, which is less by 14 thousand barrels per day for its quota of 44,000 barrels per day in March, while Kuwait and the United Arab Emirates added 30 thousand barrels per day and ten thousand barrels per day, respectively.
Nigerian production had recorded a decline of 100,000 barrels per day after the accidents led to force majeure conditions on the banks of the Boni and Brass rivers, and Libya's production decreased by 50 thousand barrels per day due to the closure of two oil fields at the beginning of the month.
Reuters noted, in its survey, that "production did not increase in Equatorial Guinea or Gabon, due to the lack of the ability to produce more."
OPEC and its allies, known as OPEC+, are gradually easing production cuts for 2020 as demand recovers from the pandemic. OPEC+ met last Thursday and confirmed previously agreed plans, despite the surge in oil prices to a 2008 high above $139 a barrel in the wake of the Russian invasion of Ukraine.
The agreement calls for an increase of 400,000 barrels per day in March from all OPEC + members, of which about 253,000 barrels per day is shared by the 10 OPEC producers covered by the agreement.
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Reuters: OPEC's compliance exceeded 151%, and Iraq did not reach its quota in March
Shafaq Yus/ Reuters reported on Saturday that the Organization of Petroleum Exporting Countries (OPEC) pumped 28.54 million barrels per day during the month of last March, an increase of 90,000 barrels per day compared to February, but less than the increase of 253,000 barrels per day stipulated in its agreement with Allies including Russia.
A Reuters survey found that the 10 OPEC members were pumping much less than called for in the agreement, and that OPEC's compliance with the pledged cuts was 151 percent, compared to 136 percent in February.
The survey witnessed that Iraq recorded a smaller increase of 30 thousand barrels per day, which is less by 14 thousand barrels per day for its quota of 44,000 barrels per day in March, while Kuwait and the United Arab Emirates added 30 thousand barrels per day and ten thousand barrels per day, respectively.
Nigerian production had recorded a decline of 100,000 barrels per day after the accidents led to force majeure conditions on the banks of the Boni and Brass rivers, and Libya's production decreased by 50 thousand barrels per day due to the closure of two oil fields at the beginning of the month.
Reuters noted, in its survey, that "production did not increase in Equatorial Guinea or Gabon, due to the lack of the ability to produce more."
OPEC and its allies, known as OPEC+, are gradually easing production cuts for 2020 as demand recovers from the pandemic. OPEC+ met last Thursday and confirmed previously agreed plans, despite the surge in oil prices to a 2008 high above $139 a barrel in the wake of the Russian invasion of Ukraine.
The agreement calls for an increase of 400,000 barrels per day in March from all OPEC + members, of which about 253,000 barrels per day is shared by the 10 OPEC producers covered by the agreement.
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