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An OPEC and non-OPEC monitoring committee found that oil producers’ compliance with a supply-reduction agreement reached 129 percent in August. two committee delegates said on Saturday.
Compliance with the agreed supply cuts was 109 percent in July. they said. as the Organization of the Petroleum Exporting Countries and its allies gather in Algiers to review adherence to the deal.
Seeking to reverse a downturn in oil prices that began in 2014. OPEC. Russia and other allies decided in late 2016 to reduce supply.
In June this year. however. after months of cutting by more than their pact had called for. they agreed to boost output by returning to 100 percent compliance. That equates to an increase of about 1 million barrels per day (bpd). but the latest figures show they are some way from achieving that target.
A source familiar with the discussions in the Algerian capital this weekend told Reuters the producers were considering the possibility of raising output by a further 500.000 bpd to counter falling supply from Iran because of U.S. sanctions.
Oil LCOc1 reached $80 a barrel this month. prompting U.S. President Donald Trump to call again on OPEC to bring down prices.
