13 March 2000
OPEC Compliance Drops To Around 73% In February
Overall OPEC crude oil production increased by a hefty 670,000 b/d in February, while production by the 10 member countries (excluding Iraq) which participate in the OPEC cutback program registered an increase of 260,000 b/d.
With the March 1999 agreement setting total production for the 10 member states at 22.976mn b/d, this means that overproduction by the OPEC 10 has now reached 1.184mn b/d.
The reason for the...