OPEC+ countries in March have implemented agreements to reduce oil production by 157% of the plan. The production of oil by OPEC+ countries was 1.45 million bpd below the permitted level, according to a report of the Technical Committee of OPEC+, read by TASS.
The allowed production level for OPEC+ countries in March was 41.296 million bpd, while the actual production level was lower - 39.843 million bpd. Meanwhile, OPEC countries had complied with the agreement by 155%, reducing production by 2.5 mln bpd instead of 1.62 mln bpd. Non-OPEC countries participating in the agreement complied with the agreement at 161% of the plan by reducing production by 1.5 mln bpd instead of the allowed 0.936 mln bpd.
Russia produced 313,000 bpd less than planned at 10.018 mln bpd in March and Saudi Arabia 106,000 bpd less than planned, or 10.225 mln bpd. Among the "non-OPEC" countries, Azerbaijan, Brunei, Kazakhstan, Malaysia and South Sudan also failed to increase production to permitted levels. Among the OPEC countries, only Kuwait was able to fulfill 100% of the OPEC+ deal, while Algeria, Angola, Congo, Equatorial Guinea, Iraq and Nigeria were also able to produce oil below the permitted level, in addition to Saudi Arabia.
GSV "Russia - Islamic world"
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Based on materials from TASS