OPEC+ compliance with oil production cuts rose to 136% in February from 129% in January, as the producer group continues to under deliver on its output targets, according to two sources from the producer group.
A high compliance rate indicates that the group is producing below its output targets as several members struggle to raise output as OPEC+ gradually unwinds its production cuts.
The International Energy Agency this week said OPEC+ was producing 1.1 million fewer barrels per day (bpd) than its March target.
Several major consuming nations, including the United States, have called on OPEC+ to raise its output at a faster rate, particularly as Western sanctions are expected to curtail Russia’s production.
