Opec+ compliance surges to 320pc in June: delegates

Opec+ members with crude production quotas hit an overall compliance rate of 320pc in June, up from 256pc in May, according to two delegates.

The group was 2.84mn b/d under its collective June production target, with compliance among Opec participants rising to 196pc from 236pc in May and conformity among non-Opec members increasing to 464pc from 360pc, one of the delegates said.

Opec+ achieves its monthly compliance rates using an average of output estimates provided by seven independent sources, including Argus. Argus' survey for June put total Opec+ compliance at 297pc, with Opec members and their non-Opec counterparts achieving a respective 213pc and 442pc.

Several members of the coalition are struggling to meet their targets, hampered by years of underinvestment, infrastructure issues and sabotage. The compliance figures are also skewed by the impact of sanctions and custom boycotts on Russian production. Although Russia managed to raise its output by over 550,000 b/d last month, it was still 880,000 b/d below quota, according to Argus estimates. Moscow, the de facto leader of the non-Opec contingent, has not requested an exemption from its Opec+ commitments.

By Ruxandra Iordache