OPEC+ compliance rate rises to 122% in December: Report

22/01/2022 Argaam
Logo of OPEC

Logo of OPEC

OPEC+ was 122% compliant with its crude production restraint commitment in December, compared with 117% in the previous month, Reuters reported, citing two resources.

 

Some member states still face difficulty in increasing their production.

 

Compliance from OPEC members stood at 127% in December, while non-OPEC producers in the alliance achieved a compliance of 114%.

 

This week, the International Energy Agency (IEA) announced that the group missed its production targets by 790,000 barrels per day (bpd) in December as members like West African producers Nigeria and Angola struggled to increase production.

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