OPEC+ oil production cut reached the highest monthly compliance in November

Almaty. December 21. Silkroadnews - The compliance of OPEC+ producers with oil output cuts reached the highest monthly conformity in November, the Kazakh Telegraph Agency (KazTAG) reports with reference to Kommersant.
“I am pleased to announce that November conformity is the highest since the beginning of implementation of the agreement in January. It has reached 122 percent. We expect oil demand in 2018 to increase by 1.5 million bpd compared to this year,” Kuwait’s oil minister Bakheet al-Rasheedi said on Thursday.
To remind, oil production cut agreement was achieved in late 2016 by OPEC and non-OPEC oil exporting states. It says, the participants of the deal should reduce oil output by a total of 1.8 million bpd (the level was set as a base one for the deal by October 2016). Saudi Arabia, the largest OPEC producer has agreed to bear the largest cut in production of about 486 thousand bpd, Russia committed to reduce production gradually by 300 thousand bpd. Russia have reached the level committed in May this year and has been retaining it so far. Kazakhstan has made commitments to reduce oil production by 30 thousand bpd.
The agreement, originally in force in the first half of 2017, has already been extended twice: first - until the end of March 2018, and then recently - until the end of 2018.
On December 11, the acting oil minister of Kuwait Essam Al-Marzouk, said Russia and some OPEC member states want to complete the oil output reduction agreement as soon as possible, probably, in summer of the next summer.
The aim of the agreement is to reduce a global excess in supply, which at the beginning of 2017 exceeded the five-year standard by 380 million barrels. By October, surplus was reduced to 150 million barrels.