OPEC Complied With New Deal On Oil Output Cuts By 86% In January - Report

Mohammad Ali (@ChaudhryMAli88) Published February 12, 2019 | 05:31 PM

The Organization of the Petroleum Exporting Countries (OPEC) reduced its oil output by 797,000 barrels per day to 30.81 million barrels daily in January, and its compliance with a new OPEC-non-OPEC agreement on oil production cuts was at 86 percent, according to the February OPEC report, issued Tuesday

MOSCOW (UrduPoint News / Sputnik - 12th February, 2019) The Organization of the Petroleum Exporting Countries (OPEC) reduced its oil output by 797,000 barrels per day to 30.81 million barrels daily in January, and its compliance with a new OPEC-non-OPEC agreement on oil production cuts was at 86 percent, according to the February OPEC report, issued Tuesday.

"According to secondary sources, total OPEC-14 preliminary crude oil production averaged 30.81 mb/d in January, a decrease of 797 tb/d over the previous month. Crude oil output decreased mostly in Saudi Arabia, UAE, Kuwait and Angola, while production increased in Nigeria," the report read.