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OPEC-Non-OPEC Oil Output Cut Deal Compliance at 129% in August

© AP Photo / Ronald ZakPersons stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna, Austria, Saturday, Dec. 10, 2016
Persons stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna, Austria, Saturday, Dec. 10, 2016 - Sputnik International
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ALGIERS (Sputnik) - The compliance of the Organization of the Petroleum Exporting Countries (OPEC) and non-cartel producers with the Vienna oil output deal reached 129 percent in August, Russian Energy Minister Alexander Novak said on Saturday.

"In August, 129 percent," Novak said on the arrival for OPEC-non-OPEC Joint Ministerial Monitoring Committee (JMMC) meeting in Algiers scheduled for Sunday.

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen before a news conference at OPEC's headquarters in Vienna, Austria, December 10, 2016 - Sputnik International
OPEC, Other Producers May Boost Oil Output Amid Anti-Iran Sanctions - Reports
He added that the countries would discuss the situation on the oil market on Sunday.

Previously, three OPEC and non-OPEC sources told Reuters that OPEC and non-OPEC countries had agreed to review current oil production as a countermeasure to the lack of Iranian oil caused by the US sanctions.

OPEC. (File) - Sputnik International
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Meanwhile, Saudi Arabia reportedly will not be able to produce 12 million barrels per day to cover Iranian oil exports once Washington introduces restrictions.

A senior US official told the Wall Street Journal that according to Washington’s estimates, Riyadh would not be able to boost its oil production to 12 million barrels a day.

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