IEA: Non-OPEC states fulfill oil output cut deal by 83% in May

MOSCOW, Jun 14 (PRIME) – OPEC nonmembers have fulfilled their obligations within an OPEC+ oil production cut deal by 83% in May, up from 70% in April, and decreased their production by 464,000 barrels a day compared with October 2016, the International Energy Agency said in a report on Wednesday.

Combined daily oil output of non-OPEC states that participate in the agreement fell 76,000 barrels on the month to 18.571 million barrels in May.

OPEC states agreed to reduce production by 1.2 million barrels daily to 32.5 million barrels in November 2016. In December 2016, 11 non-OPEC countries agreed to cut their combined output by 558,000 barrels, including Russia, which has agreed to slash production by 300,000 barrels daily compared with the level of October 2016. The agreement was concluded for January–June and was prolonged for nine more months in May.

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