Survey: OPEC achieves 91% compliance with targeted cuts
Ten OPEC members obligated to reduce oil output under the agreement signed in 2016, achieved 91 percent of their required cuts in January, according to the S&P Global Platts survey.
The total output from those 10 countries in January was 1.14 million barrels per day lower than October levels, according to S&P Global Platts.
“Those cuts were, however, offset partly by output gains in Libya and Nigeria, which are exempt from the accord, and Iran, which is allowed to increase its production slightly,” said the analysis.
In all, OPEC's 13 members - not including Indonesia, which suspended its membership at the group's last meeting - produced 32.16 million b/d in January, a 690,000 b/d decline from December, the Platts survey showed.
With Indonesia, the organization's January production totaled 32.89 million b/d.
The survey shows that several OPEC countries covered by the agreement still need to make some progress in lowering output to their allocations, though the overcompliance of Saudi Arabia, Kuwait and Angola helps compensate.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to implement a new production target of 32.5 million barrels per day. Later, non-OPEC countries agreed to cut the output by 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.