Output deal makes solid start

摘要

The Opec+ coalition has made a strong start to its new output agreement, falling just 1.1mn b/d short of its collective 9.7mn b/d crude production cut. Combined output from the participating countries stood at 35.2mn b/d in May, Argus estimates. This was a vertiginous 8.8mn b/d below production in April and left Opec+ output 8.6mn b/d below the deal’s baseline, which for most countries is October 2018. Overall compliance for the 20 participating countries was 89pc in May. The 10 participating Opec members achieved 85pc, while their 10 non-Opec counterparts surpassed them with a rate of 96pc.