In July, OPEC+ compliance to the current output cut pact fell to 109% from 112% in the previous month.
According to an internal report prepared for the group's Joint Technical Committee (JTC), among the members of the Organization of the Petroleum Exporting Countries (OPEC), the compliance level plunged to 116% last month from 120% in June. The non-Opec counterparts scored an average compliance rate of 97%.
By the end of last month, the countries that have exceeded their quotas since the pact began in May 2020 had overproduced by a cumulative 125 million barrels, compared to 122 million barrels a month prior. OPEC members account for 43 million barrels of the excess, while non-OPEC members are responsible for around 82 million barrels.
