IEA says OPEC compliance with OPEC+ deal at 153% in March

MOSCOW, Apr 11 (PRIME) -- The compliance of OPEC states with the OPEC+ oil output reduction deal jumped to 153% in March from 94% in February as the oil cartel reduced its combined production by 550,000 barrels a day to 30.13 million barrels, the lowest point over the past four years, the International Energy Agency (IEA) said in a report on Thursday.

The agency attributed the result to contraction of oil production by Saudi Arabia and to Venezuela’s losses in production due to disruptions in power supplies and due to sanctions.

Participants of the deal outside OPEC reduced their oil output by 250,000 barrels a day as compared with the target level to 18.55 million barrels, including Russia that cut output by 120,000 barrels to 11.63 million barrels. Compliance with the OPEC+ deal outside OPEC amounted to 52% in March.

End