Compliance with OPEC+ oil output deal reached 87% in May, sources say

17/06/2020 Argaam

 

The overall compliance with the OPEC+ agreement to reduce oil output stood at 87% in May, Reuters reported, citing a source familiar with the data.

 

Russia’s TASS news agency also reported the same level of compliance, citing an OPEC source.

 

OPEC+ agreed in principle on two-month output cut of 9.7 million barrels per day (mbpd) as of May. On June 6, OPEC+ agreed to extend the production cuts until July.

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