Common use of Agreement Compliance Clause in Contracts

Agreement Compliance. For the period January 2017 through March 2018, OPEC and non-OPEC countries party to the production agreement were, as a group, 112% compliant with the production targets. During this period the group collectively reduced crude oil production by approximately 1.9 million barrels per day (mbpd) compared to the October 2016 reference level. OPEC member countries subject to the agreement were 122% compliant during the period; 6 of 11 countries (Algeria, Angola, Kuwait, Qatar, Saudi Arabia, and Venezuela) either met or exceeded their target reductions. Non-OPEC countries were not assigned individual reduction targets; however, the non-OPEC group was 92% compliant with the 558,000 bpd reduction target. With the exception of Kazakhstan, Malaysia, and South Sudan, each non-OPEC country reduced crude production during the period. Figure 1 below summarizes crude oil production changes for OPEC and non-OPEC countries.

Agreement Compliance. For the period January 2017 through March 2018September 2017, OPEC and non-OPEC countries party to the production agreement were, as a group, 11298% compliant with the production targetstarget. During this period the group collectively reduced crude oil production by approximately 1.9 1.7 million barrels per day (mbpd) compared to the October 2016 reference level. OPEC member countries subject to the agreement were 122107% compliant during the period; 6 5 of 11 countries (Algeria, Angola, Kuwait, Qatar, Saudi Arabia, and Venezuela) either met or exceeded their target reductions. Non-OPEC countries were not assigned individual reduction targets; however, the non-OPEC group was 9280% compliant with the 558,000 bpd reduction target. With the exception of Kazakhstan, Malaysia, and South Sudan, each non-OPEC country reduced crude oil production during the period. Figure 1 below summarizes crude oil production changes for OPEC and non-OPEC countries.

Agreement Compliance. For the period January 2017 through March 2018, OPEC and non-OPEC countries party to the production agreement were, as a group, 112% compliant with the production targets. During this period the group collectively reduced crude oil production by approximately 1.9 million barrels per day (mbpd) compared to the October 2016 reference level. OPEC member countries subject to the agreement were 122% compliant during the period; 6 of 11 countries (Algeria, Angola, Kuwait, Qatar, Saudi Arabia, and Venezuela) either met or exceeded their target reductions. Non-OPEC countries were not assigned individual reduction targets; however, the non-OPEC group was 92% compliant with the 558,000 bpd reduction target. With the exception of Kazakhstan, Malaysia, and South Sudan, each non-OPEC country reduced crude production during the period. Figure 1 below summarizes crude oil production changes for OPEC and non-OPEC countries.. Figure 1. OPEC and Non-OPEC Production Agreement Compliance Crude Oil Production Change from January 2017 through March 2018