OPEC and its allies slashed almost one-fifth of their crude oil production in May, the first month of their landmark supply accord, according to the latest S&P Global Platts survey of the group's output.
Prodded by the coronavirus pandemic and oil market meltdown to implement an unprecedented 9.7 million bpd in collective cuts, the 23-country OPEC+ coalition mostly delivered.
OPEC's 13 members dropped their output to 24.32 million bpd, for a compliance rate of 82% with their prescribed cuts, the survey found. Russia and nine other partners performed better, pumping a combined 13.89 million b/d and making 91% of their cuts, bringing the whole OPEC+ group's collective compliance to 85%, according to Platts calculations.
The supply curbs are scheduled to run through July, the OPEC+ alliance announced at its June 6 meeting, as the bloc seeks to speed the market's recovery from the pandemic.
The compliance figures are being closely monitored by OPEC+ members, who agreed that any shortfalls in May and June compliance would be made whole with extra production cuts this summer.
