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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.

Additional details

“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.