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IEA: OPEC+ 116% in compliance with deal in Aug, OPEC countries 118%, non-OPEC countries 112%
MOSCOW. Sept 14 (Interfax) – OPEC+ countries in August were 116% in compliance with the deal on limiting oil output, analysts at the International Energy Agency (IEA) calculated.
OPEC member countries were 118% in compliance, and non-OPEC countries were 112% in compliance.
OPEC member Nigeria significantly exceeded the deal by 253%, with problems having arisen at the Forcados terminal, which led to the announcement of a force majeure. The IEA said that on September 9, the force majeure was lifted after the completion of repairs, so supplies are likely to resume. However, the IEA has noted that there are also problems observed at Nigeria’s other infrastructure facilities of Qua Iboe and Escravos.
Oil production in Russia in August increased by 90,000 barrels per day to 9.71 million bpd, which was 92% in compliance with the OPEC+ deal, the IEA calculated. Oil output with condensate decreased by 50,000 bpd to 10.77 million bpd owing to a fire at the Gazprom condensate processing plant. Russia’s condensate production overall in August decreased by 140,000 bpd to 710,000 bpd, the analysts calculated.
The IEA has also calculated that available output capacity at Rosneft is around 200,000 bpd; Lukoil could boost production by 100,000 bpd in a short timeframe; and Gazprom Neft by 50,000 bpd.