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OPEC Supply Cut Compliance 82%

OPEC Supply Cut Compliance 82%OPEC Supply Cut Compliance 82%

OPEC's oil output is set to fall by more than 1 million barrels per day this month, a Reuters survey found on Tuesday, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years. OPEC agreed to cut its output by about 1.20 million bpd from Jan. 1 to prop up oil prices and get rid of a supply glut, Reuters reported. Supply from OPEC members with production targets under the deal in January has averaged 30.01 million bpd, down from 31.17 million bpd in December, according to the survey based on shipping data and information from industry sources and information provided by sources at oil companies, OPEC and consulting firms. Compared with the levels that the countries agreed to make the reductions from, in most cases their October output, this means that OPEC members have cut output by 958,000 bpd of the pledged 1.164 million bpd, equating to 82% compliance.

 

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