Non-OPEC compliance lags at 66% as Russia, Saudi eye deal extension

The non-OPEC producers that have agreed to cut output as a part of the global deal reached a compliance rate of 66% in April. 

The International Energy Agency (IEA) report released yesterday said, “Overall compliance reached an estimated 66% in April, compared with 51% a month earlier”. 

Russia’s compliance rate stood at 77%. Meanwhile, the OPEC’s compliance rate is 96%. 

Russia and Saudi Arabia agreed earlier this week to extend the output cut deal to March 2018.