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OPEC+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, indicating production levels remain well below agreed targets. Compliance from the 10 OPEC countries participating in the production cuts reached 122%, with participating non-OPEC countries achieving 107%, data seen by Reuters showed. The IEA said in its December oil market report that OPEC+ missed its production targets by 650,000 barrels per day (bpd) last month, compared with 730,000 bpd in October. While Western African oil producers are still suffering from underinvestment and struggling to pump sufficiently, stable production of Russian oil and gas condensate has allowed Russian Deputy Prime Minister Alexander Novak to state that Russian oil production will reach pre-pandemic levels by May 2022.

OPEC+ produces below target in November as compliance rises

OPEC+ compliance with oil production cuts rose to 117% in November from 116% a month earlier, indicating production levels remain well below agreed targets. Compliance from the 10 OPEC countries participating in the production cuts reached 122%, with participating non-OPEC countries achieving 107%, data seen by Reuters showed. The IEA said in its December oil market report that OPEC+ missed its production targets by 650,000 barrels per day (bpd) last month, compared with 730,000 bpd in October. While Western African oil producers are still suffering from underinvestment and struggling to pump sufficiently, stable production of Russian oil and gas condensate has allowed Russian Deputy Prime Minister Alexander Novak to state that Russian oil production will reach pre-pandemic levels by May 2022.

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