OPEC completed 62 percent of its promised oil production cut in September, down from 66 percent in August.
OPEC completed 62 percent of its promised oil production cut in September, down from 66 percent in August, according to the International Energy Agency. Saudi Arabia, the United Arab Emirates and Kuwait had the highest compliance rates in September, completing 99, 98 and 96 percent of their reductions, respectively, the Paris-based IEA estimated in a report Friday. Angola hasn"t cut any and Iran made only 5 percent of its allotted reduction, the data showed.
The Organization of Petroleum Exporting Countries committed to reducing supply by 4.2 million barrels a day in a series of meetings late last year. Commitment to those cutbacks helped raise oil prices from lows near $30 in December and January, though efforts from some nations have subsequently wavered as prices rallied to average almost $70 over the past three months.
Supplies from the 11 OPEC nations subject to quotas, from which Iraq is exempt, rose by 170,000 barrels a day in September to 26.42 million barrels a day, according to the IEA. That"s about 1.58 million barrels a day more than the 24.845 million barrels a day target.
Other OPEC nations with poor adherence to quotas are Nigeria, which made 34 percent of its reduction in September, and Venezuela with 36 percent, according to the IEA, an energy policy adviser to 27 developed consuming countries.
The next OPEC meeting will be held on Dec. 22 in Angola, which holds the rotating presidency of OPEC this year. The group"s 12 members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.
Iraq isn"t bound by the quota system and OPEC has withdrawn publication of individual national quotas from its Web site amid scrutiny over compliance.
OPEC members, the suppliers of about 40 percent of the world"s oil, are forecast to have net revenue of $558 billion from crude exports this year, from $971 billion in 2008, the U.S. Energy Department said in a report on Friday.