OPEC said the group in a supply-cut pact with Russia-led non-OPEC members achieved a record 133 percent compliance in January with agreed output reduction targets.
OPEC said the group in a supply-cut pact with Russia-led non-OPEC members achieved a record 133 percent compliance in January with agreed output reduction targets.
The Organization of the Petroleum Exporting Countries agreed with some non-OPEC members to work towards bringing down a stock overhang to a five-year average by cutting production by 1.8 million barrels per day. The agreement, which came into force at the start of January 2017, will run through 2018.
“This solid performance during the first month… demonstrates the commitment of participating countries to the restoration of market stability, in the interests of producers, consumers and the global economy,” OPEC said in a statement.
OPEC’s January production slipped by 8,000 barrels per day to average 32.3 million bpd, according to its monthly oil market report released last week.
The sharpest declines came from an economic-crisis-hit Venezuela, which saw production drop by 47,000 bpd during the month. Iraq and Saudi Arabia meanwhile, rose their production levels by 30,200 and 23,300 bpd respectively but stayed below their OPEC target.
Earlier this week, OPEC Secretary-General Mohammad Barkindo at a conference said compliance last year stood at 107 percent and that OPEC and non-OPEC producers would hold a technical meeting in June.
Commercial oil stocks for the OECD rose in January 2018 and were about 74 million barrels over the latest five-year average, he said.
Source: Pipeline ME
