Countries make compliance count

摘要

Opec producers are collectively fulfilling nearly all the 1.2mn b/d of output cuts that they pledged last year to return the oil market to balance. Opec members have pared production by almost 1.15mn b/d, just 2pc short of their target to cut by 1.17mn b/d from an October baseline in January-June, Argus estimates. Output declined by 900,000 b/d to 32.2mn b/d last month (see table). Saudi Arabian oil minister Khalid al-Falih put compliance by Opec and non-Opec countries with their combined output cuts of 1.8mn b/d at more than 80pc on 22 January, with demonstrable reductions of 1.5mn b/d.