In November last year, when OPEC members agreed to cut production for the first time since the Great Recession, it was welcomed with great optimism and oil price jumped more than 20 percent, from $45 per barrel to as high as $55 per barrel (WTI). However, that optimism seems to be fading amid higher production from the United States and reports of non-compliance within OPEC. So, in this article, we review the compliance among OPEC members.

According to data from secondary resources, the OPEC remains in full compliance with the agreed production deal in February, after almost full compliance with it in January. However, it is important to note that some members are yet to comply with the agreed level of output and some might be defying the deal.

Algeria, Ecuador, Gabon, Iraq, Kuwait, Qatar, UAE, and Venezuela are yet to fully comply with the deal, while the production has gone up in Iran in February. It would be important to watch the production levels in Iran as the production has moved up. It is, however, still compliant with the deal based on average monthly production.