A senior Iranian oil official was quoted describing the commitment of OPEC (The Organization of the Petroleum Exporting Countries) to the crude output targets as “successful”. Last year, the members reached a compliance of 66 percent.
In their last meeting in Angola, the producer group decided to keep its production policy unchanged. On the other hand, it still faces a problem with draining fuel stocks, as some of its members are failing to comply with quotas.
Iran’s OPEC Governor, Mohammad Ali Khatibi was quoted saying, “The level of OPEC members’ compliance with the quota restrictions was about 66 percent in 2009, which was a success.”, the Iranian Students’ News Agency (ISNA) reported.
Last month, Reuters published a survey showed that OPEC’s December oil supply rose to its highest in 2009. However the survey implied OPEC had made 58 percent of promised supply cutbacks, down from 60 percent in November and a peak of 81 percent in March and April.
Iran’s production in December rose to 410.000 barrels per day (bpd) above target, to make it the highest in all members.