OPEC and Allies Both Complied With Oil-Cuts Agreement in April

OPEC and Allies Both Complied With Oil-Cuts Agreement in April:

OPEC and its partners are once again cutting production as promised in their effort to steady the market. In April both sides of the so-called OPEC+ alliance complied with their supply pact for the first time 16 months. Field maintenance in Kazakhstan made a huge contribution to non-OPEC producers’ collective conformity, while the Organization of Petroleum Exporting Countries continued its commitment to the curbs. Here’s a look at the broader picture.

Non-OPEC compliance soared to 151% last month, compared with 61% in March, International Energy Agency data show. OPEC adherence remained strong—also at 151%—versus 158% previously, according to Bloomberg calculations. The last time OPEC and its partners jointly complied with their agreement was December 2017.

The alliance began its effort to reduce oil supplies at the start of 2017 but reset the terms of the accord as of this past January. OPEC members Libya, Iran and Venezuela have also been exempt since the beginning of the year. See the tables below for a look at how the agreement has changed since 2017.