Opec+ compliance jumped to 136pc in Feb: delegates

Opec+ compliance jumped to 136pc in Feb: delegates

London, 18 March (Argus) — Compliance among deal-bound members of the Opec+ coalition rose to 136pc in February from 129pc in January, driven by a widening gap between production and quotas from some of the non-Opec members of the group, according to delegates and a document seen by Argus.

The average compliance rate among non-Opec countries increased to 135pc last month from 123pc in January, while conformity among the Opec participants edged up to 136pc from 133pc.

Opec+ achieves its monthly compliance rates using the average crude production estimate of six independent secondary sources, one of which is Argus. Argus' own figures show the group as a whole was 890,000 b/d under target in February, leaving a compliance rate of 130pc.

Pressure is building on the Opec+ group to boost production beyond the current agreed monthly increments to help ward off a potential supply crunch should sanctions levied on Moscow over the Ukraine conflict cause large-scale disruption to Russian output. The coalition has been raising its collective quota by 400,000 b/d a month since last summer. Under a roadmap agreed last July, that increment is due to edge up to 432,000 b/d from May, when the baseline levels determining quotas and compliance rise