The alliance of the OPEC+ oil producers was able to achieve the 113 per cent oil cuts agreement reached last month largely due to Saudi Arabia’s voluntary additional cut of 1 million barrels a day (mbd), a report said.
The International Energy Agency (IEA) which disclosed this in its monthly Oil Market Report on Wednesday, said “Saudi Arabia maintained its extra reduction in supply for a second month in a row.
“That kept overall OPEC+ compliance with supply cuts at a robust 113 per cent during March.
“Russia ramped up, while Iran and Libya, both exempt from the deal, posted notable increases, pushing output from the 24-member producer group to 39.8 mb/d, up 270 kb/d from February,” the agency said in the report.
The IEA estimates Saudi Arabia’s compliance last month at 153 per cent, while Russia’s at 95 per cent, and Nigeria’s at 127 per cent, according to the report.
The conformity of Iraq, which a chronic underperformer with the oil cuts deal, stood at 91 per cent last month and the United Arab Emirates’ at 103 per cent, the IEA added.