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IEA believes compliance with OPEC+ oil output cut deal reached 223% in April

12 May 2022 12:51 (UTC +04:00)

The OPEC+ alliance's compliance with the oil output cut deal reached 223% in April, the International Energy Agency (IEA) said in its monthly report on Thursday, APA-Economics reports.

"During April, total crude oil production from all 23 members of the OPEC+ bloc plunged 1.03 mb/d (million barrel per day) to 43.

12 mb/d," the report said, adding that "as a result, their combined production trailed roughly 2.7 mb/d below target in April compared to a deficit of 1.3 mb/d the previous month."

In total, the OPEC+ alliance's compliance reached 223%, with OPEC countries' compliance amounting to 162% and non-OPEC ones' to 330%.

The compliance of Russia, whose production fell by almost 1 million barrels per day due to sanctions, reached 337%, the report added.