Gabon is presented as one of the seven poor performers of the 13 participants in Operation OPEC + who exceeded their crude production quotas last May-August and who so far have yet to submit compensation plans.
Four months after violating the agreement signed with members of the Organization of the Petroleum Exporting Countries (OPEC) and its partners, the country has still not provided its various compensation proposals, detailing a monthly breakdown from the date to which he intends to make the compensatory reduction, the initial closing date of which was set for September 25.
Indeed, last May, one month after the signing of the Opec + agreement, Gabon would have found itself producing 226,000 barrels / day instead of the 144,000 to which it was required, in accordance with the Declaration of cooperation signed on the 12th. April 2020. According to a document consulted by Argus, the 5th African black gold producer must compensate up to 190 mn b / d, out of a collective of 1.152 million b / d remaining and unrecorded due by Angola, Nigeria, Brunei, Russia, Sudan and South Sudan.
On the other hand, Azerbaijan, Iraq, Congo (Brazzaville), Equatorial Guinea, the United Arab Emirates and Kazakhstan have all surrendered their compensation plans, for a collective of 1,222mn b / d.
The overproduction compensation scheme is a new feature of the Opec + agreement following a Saudi crackdown on its under-compliance. It was due to be completed at the end of September, but it was extended until the end of the year following an Opec + group meeting. OPEC members accumulated 1.641 million bpd of excess production in May-August, while non-Opec participants overproduced by 734,000 bpd
