OPEC Compliance With Production Quotas Fell to 54% Last Month
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OPEC’s compliance with output quotas agreed to in 2008 fell last month as increased production in Saudi Arabia, the United Arab Emirates and Venezuela offset drops in Angola and Iran.
Daily output from the 11 members bound by quotas rose 129,000 barrels a day to 26.776 million barrels a day in December, the group’s Vienna-based secretariat said today in a monthly report. That implies compliance of 54 percent compared with a revised 57 percent for November.