Members of the Organisation of the Petroleum Exporting Countries, OPEC, have more than fulfilled their plan to lower oil output in January, a report that the group of major producers published on Monday said.
OPEC decided in November to reduce their output at the start of 2017, aiming to boost oil prices and revenues. Shortly afterward, 11 non-OPEC producers including Russia joined the effort to pump less.
“OPEC’s 13 members pumped 32.1 million barrels per day (bpd) in January, below its target of 32.5 million bpd,’’ the Vienna-based cartel said.
According to the International Energy Agency, IEA, which represents industrialised oil consuming nations, OPEC has achieved only 90 per cent of its planned production cuts.
The cartel’s basket price reached an average of 52.40 dollars per barrel in January, the highest level in over 18 months.
According to the latest available price quote, OPEC’s price stood at 53.23 dollars on Friday.
Saudi Arabia, OPEC’s biggest producer, shouldered most of the cut.
It said the outflow from Saudi wells decreased by 496 million bpd in January.
Since October, OPEC’s overall production has dropped by 1.6 million bpd, over the planned cut of 1.2 million bpd.
Russia has yet to make good on its promise to take 300,000 bpd off the market.
“The country only reduced its output by 120,000 bpd in January,” OPEC said.
It noted that compliance data for the other countries that signed on to the cut will be made public later in February.