According to the Energy Intelligence estimates, the OPEC and its allies (OPEC+) achieved an 86% May compliance rate with the oil output cuts of 9.7 million barrels per day that it agreed for both May and June.
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“Some West African members fell short of their pledged production cuts, with Angola and Congo scoring compliance rates of just 54% and 20%, respectively.
Gabon’s May output actually exceeded its volumes in October 2018, which was chosen as the baseline month against which the cuts are measured.
Nigeria’s May compliance was a better-than-expected 83%, after its output fell by around 260,000 bpd between April and May.
Non-OPEC members, Kazakhstan, Brunei and South Sudan, scored rates of 47%, 22% and 13% respectively. Sudan also exceeded its October 2018 baseline output.
Russia — the Goliath of non-OPEC producers — typically failed to live up to its obligations under previous.”
Oil eases off multi-month highs
Both crude benchmarks consolidate the upside, with WTI reversing the rally above 38.00 while Brent defends the 40 level.
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