OPEC+ continues over achieving compliance target

London (Quantum Commodity Intelligence) - The OPEC+ group achieved a compliance level with its agreed oil production cuts of 113% in March, the same as February, two sources from the producer group have told Reuters today.

Compliance from the ten members of OPEC reached 124% compliance, while non-OPEC participants achieved 93% compliance, down from 94% in February, one of the sources said.

The OPEC+ production target rose by 75,000 b/d from February in March, with Russia and Kazakhstan having allowances to lift their individual output by 65,000 b/d and 10,000 b/d in that period, respectively.

OPEC conformity benefited from Saudi Arabia's ongoing efforts to keep its production 1 million b/d below its official 9.119 million b/d ceiling up until and including April, after which the kingdom will gradually phase in increases.

OPEC pledged to reduce output by about 1.2 million barrels per day (bpd) from Jan. 1. Non-OPEC countries pledged to cut about half as much.

Compliance numbers are preliminary and will be confirmed at the upcoming meeting of the Opec+ Joint Ministerial Monitoring Committee (JMMC) on 28 April.