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OPEC + fails to achieve its oil production targets
Shafaq News/ A report issued by the producers' alliance showed that OPEC + produced 1.45 million barrels per day below its production targets in March, as Russian production began to decline after the sanctions imposed by the West, according to "Reuters".
The report showed that Russia produced about 300,000 barrels per day below the target level in March of 10.018 million barrels per day, based on secondary sources.
The data showed that compliance with production cuts rose to 157% in March from 132% in February, the highest level since the group introduced record production cuts of about 10 million barrels per day in May 2020 to counter the impact of the epidemic on demand.
OPEC +, which includes OPEC and allies led by Russia, agreed last month to raise another modest monthly oil production of 432,000 barrels per day for the month of May, resisting pressure from major consumers to pump more.
With the group scrapping production cuts, many producers, namely West African nations struggling with a lack of investment and an exodus of international energy companies, are failing to keep pace.
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The report showed that Russia produced about 300,000 barrels per day below the target level in March of 10.018 million barrels per day, based on secondary sources.
The data showed that compliance with production cuts rose to 157% in March from 132% in February, the highest level since the group introduced record production cuts of about 10 million barrels per day in May 2020 to counter the impact of the epidemic on demand.
OPEC +, which includes OPEC and allies led by Russia, agreed last month to raise another modest monthly oil production of 432,000 barrels per day for the month of May, resisting pressure from major consumers to pump more.
With the group scrapping production cuts, many producers, namely West African nations struggling with a lack of investment and an exodus of international energy companies, are failing to keep pace.
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