Saturday, 22 January 2022 06:36

Nigeria’s inability to raise oil output pushes OPEC+ oil cut compliance to 122 percent

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OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output.

The December figure compares with 117% in November.

International Energy Agency said this week that the group missed its production targets by 790,000 barrels per day (bpd) in December as members like African producers Nigeria and Angola struggled to raise output.

Compliance from members of the Organization of the Petroleum Exporting Countries (OPEC) was at 127% in December, while non-OPEC producers in the alliance achieved a compliance of 114%, the sources said.

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