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2021-05-07 14:55:00

OPEC+ OVERPRODUCTION 3.3 MBD

OPEC+ OVERPRODUCTION 3.3 MBD

PLATTS - 06 May 2021  - OPEC and its allies have overproduced their quotas by a cumulative 3.316 million b/d through the end of March, with Russia and Iraq the most egregious offenders, according to an internal document seen by S&P Global Platts.

Under the terms of the OPEC+ agreement, each country must compensate for any excess production with cuts of equivalent volume below its quota by the end of September.

The extra cuts, if fulfilled, could go a long way towards speeding the market's rebalancing, or provide the OPEC + alliance some breathing room to relax quotas for the rest of its members, though the figures show scant progress has been made on this compensation over the past few months.

In fact, the overproduction has worsened, rising from 3.027 million b/d in February and 2.793 million b/d in January, the data shows.

Russia, the largest non-OPEC partner in the alliance, has increasingly flouted its cap over the last several months, with its excess production soaring to 877,000 b/d.

Iraq, which has long struggled with compliance, has pumped 707,000 b/d over its cap, while the third largest violator is minnow South Sudan, with 557,000 b/d of overproduction, followed by Kazakhstan at 435,000 b/d.

The figures are derived by adding up each country's monthly production that exceeds its quota.

OPEC+ members are set to roll back their collective quotas by about 1.2 million b/d from April to July, in anticipation of rising global oil demand, which could help boost compliance with compensation cuts.

 

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Earlier:

OPEC+ OVERPRODUCTION 3.3 MBD
2021, April, 23, 11:35:00
OPEC+ PRODUCTION WILL UP
OPEC+ officials said they see no reason to be alarmed, and the group's production is set to rise anyway.
OPEC+ OVERPRODUCTION 3.3 MBD
2021, April, 12, 10:20:00
OPEC+ OIL PRODUCTION UP 450 TBD
With the production gains, OPEC+ compliance with its quotas slipped to 111% in March, compared with 113.5% in February, juiced by Saudi Arabia voluntarily cutting an additional 1 million b/d since January.
OPEC+ OVERPRODUCTION 3.3 MBD
2021, April, 2, 12:45:00
OPEC+ INCREASE PRODUCTION
The OPEC+ alliance will raise its collective output caps by 350,000 b/d in May, another 350,000 b/d in June, and 441,000 b/d in July.
OPEC+ OVERPRODUCTION 3.3 MBD
2021, March, 31, 11:50:00
OPEC PROTECTS OIL PRICE
OPEC+ will discuss whether to revive part of the 1.2 million barrels a day of output it’s committed to returning to the market in installments this year. At the same time, the Saudis will review the status of an additional 1 million barrel-a-day cut they have been making since February to accelerate the process of clearing the lingering oil glut.
OPEC+ OVERPRODUCTION 3.3 MBD
2021, March, 15, 10:55:00
OPTIMISTIC OPEC
With non-OPEC supply forecast to bounce back by 950,000 b/d in 2021 to 63.8 million b/d, OPEC lowered the estimated demand for its crude by 240,000 b/d to 27.26 million b/d.
OPEC+ OVERPRODUCTION 3.3 MBD
2021, March, 9, 13:00:00
OPEC+ STABILIZES THE MARKET
Overall conformity with the original decision was 103 per cent, reinforcing the trend of aggregate high conformity by participating countries.
OPEC+ OVERPRODUCTION 3.3 MBD
2021, February, 19, 13:00:00
OPEC+ OIL WILL UP
Global liquids supplies are expected to climb by 3.2 million b/d on average in 2021,
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Tags: OPEC,