OPEC+ countries implement deal by 99% from May to December 2020

The implementation level of the OPEC+ oil production cut deal from May, when the agreement entered into force, to December 2020 was 99 percent of the plan, Report informs, referring to the materials of the OPEC+ technical committee.

The committee met on February 2, TASS reports.

At the same time, among the OPEC countries, this indicator for eight months was higher than of the non-OPEC partners and averaged 101 percent; for non-OPEC countries – 96 percent of the plan.

In December 2020, the deal was also implemented by 99 percent. That is, the OPEC+ countries managed to remove almost 7.7 million barrels per day from the market. In particular, in December, the OPEC countries reduced oil production by 103 percent of the plan, the non-OPEC countries - by 93 percent of the plan.

The total volume of oil overproduction by the OPEC+ countries in May-December 2020 reached 2.68 million BPD (barrels per day), having doubled since May.

The parties to the agreement on oil production cut must eliminate this overproduction by the end of March 2021 by further reducing production in the coming months. To this end, the participating countries submit production compensation schedules to the OPEC secretariat.