Where OPEC+ Oil Production Stands Now:
OPEC intensified its oil production cuts in December, the final month before the start of a revamped version of a multinational agreement to prevent a glut. Its partners failed to meet their obligation for the second consecutive month. Here’s a look at compliance as the OPEC+ alliance rounded out three full years of output curbs.
Adherence by the Organization of Petroleum Exporting Countries increased to 166% last month. Seven of the 11 OPEC members participating in cuts reduced supply as agreed—the most of any month in 2019. Non-OPEC conformity slipped to 58%, as just four of the 10 nations in that cohort complied. Bloomberg’s calculations are based on data from OPEC and the International Energy Agency.
OPEC intensified its oil production cuts in December, the final month before the start of a revamped version of a multinational agreement to prevent a glut. Its partners failed to meet their obligation for the second consecutive month. Here’s a look at compliance as the OPEC+ alliance rounded out three full years of output curbs.
Adherence by the Organization of Petroleum Exporting Countries increased to 166% last month. Seven of the 11 OPEC members participating in cuts reduced supply as agreed—the most of any month in 2019. Non-OPEC conformity slipped to 58%, as just four of the 10 nations in that cohort complied. Bloomberg’s calculations are based on data from OPEC and the International Energy Agency.
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