OPEC and non-compliance with supply cuts by OPEC countries were 129% in August – delegates

ALGER (Reuters) – A monitoring committee of OPEC and non-OPEC countries found that oil producers' compliance with a supply-reduction agreement reached 129 percent in August said Saturday two delegates.

Compliance with agreed supply cuts was 109% in July, they said, as the Organization of the Petroleum Exporting Countries and its allies meet in Algiers to review compliance with the agreement.

Seeking to reverse the decline in oil prices started in 2014, OPEC, Russia and other allies have decided in late 2016 to reduce their supply.

In June of this year, however, after several months of reduction from what their pact had demanded, they agreed to boost production by returning to 100% compliance. This equates to an increase of about 1 million barrels a day (bpd), but the latest figures show that they are far from achieving that goal.

A source close to talks in the Algerian capital this weekend told Reuters that producers were planning to increase production by 500,000 bpd more to counter the decline in the Iranian supply because of US sanctions. .

The price of oil reached $ 80 a barrel this month, prompting US President Donald Trump to call OPEC again to lower prices.