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The countries of the OPEC+ agreement in May completed a deal to reduce oil production by 114%, the figure has been stable at this level since February 2021. In absolute terms, they managed to remove 7.47 mln barrels per day (bpd) from the market in May, according to the materials of the OPEC+ technical committee.
At the same time, the OPEC countries fulfilled their obligations by 124%, and the non-OPEC countries – by 93%. In total, they were supposed to cut oil production by 6.55 mln bpd in May.
The deal to cut oil production, which has been in operation since May last year, has been consistently over fulfilled, and in recent months – significantly, due to additional production cuts by Saudi Arabia by 1 mln bpd.
Nevertheless, individual countries do not always comply with their quota and do not cut production according to plan. OPEC+ has a plan, according to which each participant in the deal must compensate for the overproduction of oil. It is currently being extended until the end of September 2021. As of the end of June, countries have to compensate for 3.94 mln barrels.
