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According to a S&P Global Platts survey, the countries achieved 98.5 per cent of their agreed cuts in January and February production.
OPEC specialist from S&P Global Platts, Herman Wang, said it showed the OPEC members are serious about reducing their output.
Saudi Arabia’s over compliance in reduction compensated for the overproduction of other OPEC countries including the United Arab Emirates (UAE), Iraq and Venezuela.
Saudi Arabia had the strongest decline, lowering their output from 10.6 million b/d to an average of 9.85 million b/d in February.
The 10 Organisation of the Petroleum Exporting Countries (OPEC) members are getting closer to reaching their production reduction goals, dropping output in January to an average of 32.03 million barrels per day.
Saudi Arabia’s Oil Minister, Khalid Al-Falid, said the oil market is rebounding on the strength of an OPEC production cut but warned the kingdom won’t stand for “free riders” boosting output at its expense.
“There is cause for cautious optimism as we see the green shoots of the recovery, driven by a better outlook on fundamentals coupled with the historic production agreement of three months ago,” the Minister told the annual CERAWeek energy conference Tuesday.
Energy Live News – Energy Made Easy – OPEC acheives 98.5% of production cuts
Its production last month averaged 9.85 million b/d, below its limit of 10.06 million b/d and its lowest output since February 2015.
Image: ThinkstockThe Organisation of the Petroleum Exporting Countries (OPEC) has achieved 98.5% of its total production cuts, up from 91% in January.
Iraq remains above its quota by 91,000 b/d, Venezuela by 43,000 b/d and the UAE by 42,000 b/d.
OPEC acheives 98.5% of production cutsOPEC’s logo.
Herman Wang, OPEC Specialist at S&P Global Platts, said: “A Saudi-led OPEC is showing the market it is serious in making the agreement stick.