OPEC+ compliance rises to 122% in December, sources say

OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output – compared to 117% in November. The International Energy Agency said this week that the group missed its production targets by 790,000 barrels per day (bpd) in December – mainly due to Western African members failing to raise output. Compliance from members of OPEC was at 127% in December, while non-OPEC producers in the alliance achieved a compliance of 114% (Reuters).