OPEC+ Data Deck (September 2024)

Quota-observing OPEC+ crude output fell in August as chronically overproducing members finally began to pull back on production in line with compensation commitments.

Below the paywall you will find the latest monthly edition of the Commodity Context OPEC+ Data Deck (34-page PDF), tracking group-wide and member-level production estimates, quotas, compliance, and exports.

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• Quota participating OPEC+ crude production fell 84 kbpd m/m as Iraq, Kazakhstan, and Russia all moved to close the gap on their chronic overproduction, though group-wide output remains 109 kbpd above the collective quota (and ~230 kbpd higher including promised compensation cuts)

• OPEC+ announced that it is delaying by two months the start of its scheduled production increases given the increasingly bearish price environment, which has only gotten worse since that decision was made.

[Further analysis and full OPEC+ Data Deck PDF report below paywall]