OPEC + agreement overfulfilled last month

OPEC + member states fulfilled the agreement on the reduction of oil production in February by 137%, Report informs, citing International Energy Agency (IEA).

Alliance states produced 1.1 million barrels less oil than agreed. In particular, OPEC countries fulfilled the agreement by 139%, non-OPEC countries by 132%.

Thus, in February, 23 member countries of the OPEC + format increased daily production (instead of the current regime of 400,000 barrels) by 350,000 barrels to 44.14 million barrels. Up to two-thirds of this growth comes from Iran, Libya, and Venezuela, which have no obligations to reduce oil production.

Alliance's production of less oil than stipulated in the production agreement is due to technical problems.