• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 17 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 2 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 4 hours NordStream2
  • 22 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 hour Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 8 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

OPEC+ Under Produces Quota Despite Calls For More Oil

The OPEC+ group saw its overall compliance with the collective oil production cuts at 115 percent in September, a delegate told Argus on Monday, down from the 116-percent compliance in August, but still higher than the market had hoped, with some members of the alliance failing to ramp up production in line with their quotas.

The high compliance rate despite the monthly easing of the cuts by 400,000 bpd from the OPEC+ group suggests that not all members of the pact are capable of raising supply as quickly as their quotas under the deal stipulate.

According to Bloomberg’s estimates, if all members of the OPEC+ alliance stuck to their respective production ceilings in September, the overall production of the group would have been 747,000 barrels per day (bpd) higher than what it was.

OPEC+ was pumping 15 percent less crude oil than its overall production quota for September, delegates familiar with the output numbers told Bloomberg on Monday.

For several months now, some OPEC+ members—including OPEC’s Angola and Nigeria and non-OPEC’s Azerbaijan—have struggled to raise their oil production to the highest possible level allowed under the deal. The struggles have come from technical issues, a lack of investments, and lower exploration efforts in recent years.

The 115-percent estimated compliance of the OPEC+ producers in September is just a preliminary figure, which will be reviewed and amended if necessary by the Joint Ministerial Monitoring Committee (JMMC) in early November, before the monthly OPEC+ meeting of the ministers on November 4.

For November, the required crude oil production from OPEC and its non-OPEC allies led by Russia is 39.694 million bpd, after OPEC+ decided to stick to the plan to ease the collective cuts by 400,000 bpd next month.

If the OPEC+ group continues to under-produce compared to its overall quota, it could leave the oil market tighter than previously forecast. 

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News