OPEC+ Concerned About Balancing Oil Markets

  • Date: 21-Oct-2020
  • Source: Al Bawaba
  • Sector:Oil & Gas
  • Country:GCC
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OPEC+ Concerned About Balancing Oil Markets

In some ways, the Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ alliance of OPEC countries and their 10 non-OPEC allies, lead by Russia, was an easy meeting because the September compliance with the 7.7 million barrels per day (bpd) production cuts was very good indeed: One hundred and five percent for OPEC, and 103 percent for OPEC+ according to the group, and 101 and 99 percent compliance according to S&P Global Platts.

Compliance had been an issue over the summer months, with mainly Iraq and Nigeria overproducing. In August, even the UAE surprised many by pumping 250,000 million bpd above its quota. The laggards had promised to compensate for that excess by the end of 2020; the UAE has made up for more than 60 percent of its sins in