OPEC figures: over 90% compliance with supply cutby Yasmin Helal on Feb 12, 2017
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.