Home / NEWS / OPEC figures: over 90% compliance with supply cut


OPEC figures: over 90% compliance with supply cut

by Yasmin Helal on Feb 12, 2017


OPEC is scheduled to publish its first assessment of January production based on the secondary-source figures in its monthly oil market report this week.
OPEC is scheduled to publish its first assessment of January production based on the secondary-source figures in its monthly oil market report this week.

OPEC has delivered over 90% of pledged oil output curbs in January, according to figures the exporter group uses to monitor its supply, making a strong start in implementing its first production cut in eight years.

The Organisation of the Petroleum Exporting Countries is cutting its crude output by about 1.2mn barrels per day (bpd) from January 1st to prop up oil prices and reduce a supply glut.

Supply from the 11 OPEC members with production targets under the deal in January has fallen to 29.921mn bpd, according to the average assessments of the six secondary sources OPEC uses to monitor its output seen by Reuters.

This amounts to 92% compliance, according to an OPEC calculation.

Compliance of 92% comfortably exceeds the initial 60% achieved when OPEC's previous deal to cut was implemented in 2009, and the OPEC figures add to indications that adherence so far has been high.

OPEC is scheduled to publish its first assessment of January production based on the secondary-source figures in its monthly oil market report this week. The figures could be revised before they are published, sources said.


FEATURED COMMENT

Please click here to comment on this article

COMMENTS

Name *
Email *
City
Country
Subject: *
Comments: *
Math Question: *
Solve this simple math problem
and enter the result. E.g. for 1+3, enter 4.
Refresh the image if not clear
Remember me on this computer


  • LATEST / / / MARKET WATCH / ONSHORE / NEWS / /

NEWSLETTER SUBSCRIPTION
Email:
ArabianOilandGas Awards
LinkedIn
Utilities middle east
Construction Week Online Middle East
Hotelier Middle East
Arabian Supply Chain Middle East

RELATED ARTICLES


NEWSLETTER SUBSCRIPTION
Email:
Articles
Companies