The OPEC+ alliance is once more cracking down on group compliance with oil output cuts, as it presses ahead with a three-pronged plan of formal and voluntary production trims.
Eight OPEC+ members, including kingpin Saudi Arabia, were due to begin returning 2.2 million barrels per day of voluntary cuts to the market starting in October.
Earlier this month, they postponed this phaseout to start in December instead.
OPEC+ nations are operating two other production declines: under official policy, they will produce a combined 39.725 million bpd next year.
The same aforementioned eight members are separately curbing their output by another 1.7 million bpd throughout 2025, also on a voluntary basis.
Persons:
Undercompliance
Organizations:
CNBC
Locations:
OPEC, Iraq, Kazakhstan, Russia, Saudi Arabia, China