Compliance with OPEC+ output cuts jumps to 136% in February. For more than seven months now, OPEC+ has actually added lower volumes to the market than the projected 400,000 bpd per month increases. The OPEC+ group continues to severely underperform in its oil production levels compared to the target in the pact, with February output at more than 1 million barrels per day (bpd) below the collective quota and compliance rate jumping to 136 percent, Reuters reported on Friday, quoting two sources. In January, the overall compliance rate at OPEC+ producers was 129 percent, also indicating that the members of the pact haven’t been able to pump to their collective quotas. The compliance rate has been steadily rising in recent months—meaning that the gap between nameplate total quota and actual production continues to rise. For example, compliance in December 2021 was at 122 percent , and the compliance rate […]