Opec cuts closer to compliance

MAJOR oil producers outside Opec, which are participating in output cuts agreed last year, have improved their compliance by 1 point in July to 67 percent, reducing oil production by 364 000 barrels per day against October’s figures, the International Energy Agency (IEA) said on Friday.

“The ten non-Opec countries co-operating with Opec saw their compliance rate improve to 67 percent in July,” the IEA said in its monthly Oil Market Report.

Daily oil production in Russia fell in July by 276 000 barrels from October to 11.321 million barrels, representing a 92 percent compliance rate against 93 percent in June, according to the report.