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OPEC January output falls by 890,000 barrels to 32.14 mb/d

Published 14/02/2017, 12:30 am

Investing.com - OPEC Monday estimated the cartel's output fell an estimated 890,000 barrels in January to 32.14 mb/d.
OPEC began implementing cuts of 1.2 mb/d at the start of this year for a period of six months.
In its monthly report, OPEC indicated all members cut output except Nigeria and Libya which were exempt from the accord.
The IEA last week estimated OPEC compliance with the agreed cuts in January of over 90%.
Citing secondary sources, OPEC said Saudi Arabia cut its output by 496,000 b/d from December to 9.946 mb/d, more than agreed.
Non-OPEC producers led by Russia have agreed to cut by 558,000 b/d.
World supply in January fell by 1.29 mb/d, according to OPEC's report.
OPEC forecast global demand to increase by 1.2 mb/d in 2017 to 95.81 mb/d.
Non-OPEC output is expected to increase this year due to higher U.S. drilling activity.

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