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IEA Monthly Report: OPEC+ shows some improvement in compliance with agreed quotas

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On February 13, the International Energy Agency (IEA) pointed out in the report that OPEC+'s compliance with the agreed targets has improved and is slowly reducing the projected oversupply this year. OPEC+ crude supply fell by 280,000 b/d, according to the agency’s estimates, while OPEC’s 12 members fell by 480,000 b/d in January. The OPEC+ alliance – which accounts for more than half of the world’s crude oil production – has cut crude oil for more than two years and will now gradually ramp up production starting in April. The IEA estimates that non-OPEC+ producers are expected to increase supply by 1.4 million b/d, while OPEC+ will increase supply by a modest 140,000 b/d.

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· 02-13 13:40
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