The OPEC member-countries complied with an agreement to reduce crude oil production between OPEC and non-OPEC countries by 158% in May. The International Energy Agency (IEA) says in its monthly report
According to the agency, though all 24 countries, taking part in the deal, slightly increased oil production in May, they still keep compliance with the agreement close to record levels.
IEA reports that, even if there is a significant decline in Venezuela crude oil supply, the OPEC deal will still be fulfilled by over 100%.
Non-OPEC states participating in the agreement complied with the deal by 60% in May, compared to 76% for April. It is the lowest compliance level since March, 2017, says IEA.