xNigeria’s production volume is below the 2021 budget estimate for the year, thus affecting the capacity to earn more, alongside subsidy challenges. The group’s nine non-OPEC partners, led by Russia, produced 13.27 million b/d, a rise of 60,000 b/d from May. Despite the production gains, higher quotas for the month meant OPEC+ compliance was at 110.16% compared to 111.45% in May, the survey found. The coalition has now added 970,000 b/d in the past two months, as parts of its plans to relax its output quotas to meet the growing demand for its oil. Oil prices have risen more than 50 per cent in 2021, amid a recovery in demand buoyed by vaccine rollouts and OPEC+ supply discipline.

Source: The Guardian July 09, 2021 04:30 UTC