OPEC countries fulfill obligation 75%
OPEC countries completed the OPEC + deal only by 75% in May, because Iraq and Nigeria did not completely fulfill their obligations to reduce oil production, Report informs, citing Interfax.
For the entire duration of the agreement, Iraq has never fulfilled its obligation.
According to the latest amendment in the ‘Declaration of Cooperation,’ the quotas for OPEC+ countries are set at 9.7 million barrels in May-June, 7.7 million barrels from July 1 until the end of 2020, and 5.8 million barrels from January 2021 to April 2022. The OPEC+ countries had planned to discuss the situation via video conference on June 9-10.
May’s output would be the lowest by OPEC since 2002, excluding membership changes since then.
The biggest drop in supply came from Saudi Arabia, which pumped a record 11.7 million bpd in April. Saudi supply is expected to drop even further in June.