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IEA says OPEC compliance with oil cuts at lowest in six months

Reuters  |  LONDON 

By Dmitry ZhdannikovLONDON (Reuters) - OPEC's compliance with production cuts fell in June to its lowest levels in six months as several members pumped much more oil than allowed by their supply deal, thus delaying market rebalancing, the International Energy Agency said on Thursday.OPEC's compliance with cuts slumped to 78 percent last month from 95 percent in May as higher-than-allowed output from Algeria, Ecuador, Gabon, Iraq, the UAE and Venezuela offset strong compliance from Saudi Arabia, Kuwait, Qatar and Angola."Each month something seems to come along to raise doubts about the pace ...

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First Published: Thu, July 13 2017. 13:35 IST
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