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IEA: OPEC+ countries fulfilled their obligations by 103% in October

12 November 2020 14:59 (UTC +04:00)

OPEC+ (initiative for reduction of oil production covering Organization of Petroleum Exporting Countries (OPEC) and non-member countries of the organization) agreement countries decreased daily oil production to 34,11 mln. barrels in October and fulfilled their obligations by 103%, APA-Economics reports citing monthly report of International Energy Agency (IEA).

According to the report, ensuring OPEC+ agreement superfluously was implemented at the expense of 10 OPEC countries who joined the agreement. The aforementioned countries producing daily 21,51 mln. barrels of oil on average in October fulfilled their obligations under agreement by 106%.
The agency noted that other OPEC+ member countries fulfilled their obligations by 97%.