LONDON FEBRUARY 10, 2017 – OPEC has delivered over 90 percent 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 Organization of the Petroleum Exporting Countries is cutting its crude output by about 1.2 million barrels per day (bpd) from Jan. 1 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 29.921 million bpd, according to the average assessments of the six secondary sources OPEC uses to monitor its output seen by Reuters.
This amounts to 92 percent compliance, according to an OPEC calculation.
Compliance of 92 percent comfortably exceeds the initial 60 percent 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 on Monday. The figures could be revised before they are published, sources said.
